CAIRO, Jan 15 (MENA) - Prime Minister Mostafa Madbouli asserted that the inauguration of the Geely car assembly lines, at the Bavarian Automotive Manufacturing Company in the 6th of October City, represents a significant step towards enhancing the industrial sector, particularly the automotive industry, which is a crucial strategic sector influencing the global economy.

He expressed happiness that this investment marks Geely's first industrial investment not only in Egypt but also in Africa and the Middle East, thus reflecting foreign investors' confidence in Egypt's investment climate and the Egyptian economy's ability to face challenges.

The premier made the remarks during a celebration organized by Auto Mobility upon opening of the Geely assembly plant (BAMC) in 6th of October City.

Madbouli was accompanied by Ministers Kamel Wazir of Industry and Transport, Rania Mashat of Planning, Economic Development and International Cooperation, and Hassan Khatib of Investment and Foreign Trade alongside the governors of Cairo and Giza.

The celebration began with a documentary film about the Geely brand, then Chairman of Auto Mobility Fahd Alghanim said Egypt is one of the most important strategic markets in the Middle East.

He affirmed that Egypt has always been a leading destination for investment and industry under President Abdel Fattah El Sisi's leadership.

He noted that the Geely plant in Egypt is the first factory outside China not owned by Geely in the Middle East and Africa.

Alghanim said the factory's opening goes in line with the Egyptian government's strategy to localize the automotive industry, support national economy and provide new job opportunities.

He noted that this has encouraged the company to invest in the automotive sector with its investments standing at dlrs 250 million.

He added that the company was proud to launch two Geely vehicle models from the Bavarian plant; the Emgrand sedan model 2025 and the Coolray SUV model 2025.

He noted that the company plans to export Geely cars to the Middle East and Africa, thus expanding local supplier base, increasing job opportunities and providing foreign currency.

He thanked Madbouli, his deputy for industrial development, and all government entities that contributed to the project's success.

Meanwhile, Song Jin, Chairman of Geely Global Automobile, highlighted Geely's commitment to enhancing its local operations and expanding its network in the Egyptian market.

Within just a few years, Geely has established over 40 sales and service centers across Egypt.

He accentuated that the factory adheres to Geely's global manufacturing standards.

He added that the company has achieved local development for 14 key automotive components with a local content rate exceeding 45%, noting that this percentage is expected to further increase in the future.

He asserted the company's commitment to providing high-quality products and services at affordable prices for Egyptian consumers, while supporting the development of Egypt's automotive industry.

For his part, Osman Abdel Moneim, Managing Director of Auto Mobility, attributed the project's accomplishment to the strong support offered by the Egyptian government.

He highlighted the company's goal to significantly prop up the Egyptian economy through producing thousands of vehicles annually, and setting the basis for sustainable growth.

He added that the first batch of cars will be handed over to clients in February. (MENA)
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