GIZA, Egypt, Jan 15 (MENA) - Prime Minister Mostafa Madbouli asserted the state's interest in the industrial sector, especially the automotive industry.

He noted that the government worked on offering more incentives to attract investments in this promising industrial sector, referring to the launch of the national program for developing the automotive industry to localize the automotive industry.

He made the remarks during an inspection tour on Wednesday of the Geely automotive assembly lines at the Bavarian Automotive Manufacturing Company in the 6th of October City.

The premier lauded the percentage of local component in the automotive industrial process, noting that the percentage is expected to increase in the coming period.

For his part, Chairman of Auto Mobility Fahd Alghanim briefed the premier on the Geely automotive assembly lines which aim at promoting local manufacturing in line with the Egyptian government strategy to localize the automotive industry.

He added that the local component in the lines stood at 45 %, noting that the factory comprises two production lines at a capacity of 10,000 vehicles annually.

He underlined the company's commitment to offering innovative solutions and expansion in strategic markets like Egypt.

He noted that dlrs 100 million investments were injected to manufacture and assemble Geely cars in Egypt through Auto Mobility Company.

Alghanim asserted that the premier's attendance of the factory's opening ceremony underlined the government's full support for this industry and incentivizes pumping more investments into Egypt.

He added that Egypt is one the most important strategic markets in the Middle East region, noting that Egypt is the leading investment and industrial destination under the wise leadership of President Abdel Fattah El Sisi.

He noted that dlrs 250 million has been invested in the Egyptian market so far.

During the inauguration ceremony, he announced the launching of two Geely vehicle models from the Bavarian plant; the Emgrand sedan model 2025 and the Coolray SUV model 2025.

Meanwhile, Osman Abdel Moneim, Managing Director of Auto Mobility said the company is not just opening a factory, but is launching a vision for developing industry in Egypt and setting a new standard for excellence.

He added that the project will contribute to empowering Egyptian cadres, securing job opportunities and promoting Egypt's position as a regional hub for automotive production. (MENA)
M N E/S RE