Egypt’s PM looks into proposals to stimulate investments in East Port Said’s automotive sector

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Egypt’s Prime Minister Mostafa Madbouly held a meeting on Sunday to review a number of proposals regarding stimulating investments in the automotive sector and feeding industries in the East Port Said region, in the presence of Yahia Zaki, the Executive Director of Suez Canal Economic Zone (SCZone).

The meeting was also attended by Chairperson of Port Said Development Company, Karim Sami, the company’s Managing Director Ahmed Abdel Wahab, and board member of the company Hossam Abdel Aziz.

The Prime Minister called for strengthening efforts to attract investments to the SCZone, in accordance with the directives of President Abdel Fattah Al-Sisi, in order to maximize the benefit from the strategic and vital location of the region, which is one of the leading and attractive regions in the world in various industries, especially green energy projects.

For his part, Zaki reviewed the position of implementing utilities works in the East Port Said region, the efforts to attract investments to this promising region, through investment opportunities available in several targeted sectors, and the existing efforts to enhance the investment returns of the General Authority for the Economic Zone through communicating with foreign partners regarding the regions.

During the meeting, Sami presented some proposals from East Port Said Development Company to attract industrial investments in the economic zone of the Suez Canal. The company aims to attract investments in this exceptional period, which is based on three axes: directed investments, targeted industries, and the integration of the government sector with the private sector.

Sami talked about the targeted investments that can be implemented through the Egyptian National Railways Industry Company (NERIC), which is built on an area of about 300,000 square metres in East Port Said. This is in order to localize the mobile unit industry and its feeding industries and raise the efficiency of ageing vehicles.

For his part, Abdel-Wahab spoke about a proposal to establish a joint car manufacturing complex, which was previously presented at a cabinet meeting, prior to the preparation of the national strategy for the development of the automobile industry.

The target industries also includes the casting industry, which is an intermediate industry capable of attracting many of the following industries in value-added chains, noting that the volume of casting production in the world is about 100 million tons annually, explaining that there are secondary industries based on the casting industry represented in household appliances, electrical appliances, various means of transportation, engineering industries, iron materials, as well as the building materials industry.