$16 million .. General Motors pumping an investment to produce new car models in Egypt
General Motors plans to invest $16 million in a program to manufacture new models of cars in Egypt
Shrouq
Dr. Mostafa Madbouly, the Prime Minister, held a meeting this evening with Ankush Arora, CEO of Al-Mansour Automotive Group, agent of the American company “General Motors” To review a number of investment opportunities for the company in the Egyptian market.
Attended the meeting, Jack Apal, Director of General Motors Corporation for the Middle East and Africa, Daniel R. Frakes, Vice President of the Company for International Relations and International Public Policy Affairs, and Ms. Sharon Nishi, President of General Motors Corporation in Egypt.
New models of cars
Madbouly welcomes the company's plans to expand the production of new models of cars inside Egypt
During the meeting, the prime minister praised the extended working relations with General Motors over the past decades, expressing the government's welcome to the company's plans to expand the production of new models of cars inside Egypt.
program to develop the automotive industry in Egypt
For his part, Mr. Ankush Arora affirmed General Motors' conviction of the capabilities that Egypt possesses in the automotive industry, especially with the government issuing a program to develop the automotive industry in Egypt.
Egyptian market
He said that the company is proud of its presence in the Egyptian market since the eighties of the last century, as Egypt is considered the center of the company in both Africa and the Middle East in the car assembly sector.
Aurora pointed out that General Motors sells what it produces locally to the market in Egypt, and over the past five years, 90% of their sales in the local market were produced inside Egypt.
$90 million
He explained that the company pumped foreign direct capital at a value of $90 million in 2018 by the main shareholders.
$15 million
It has also continued to invest around $15 million in the past five years (2018-2022) as part of the plant's transformation to enhance safety, productivity, and quality standards.
The CEO of Al-Mansour Automotive Group presented details of the company's plans to invest $16 million in a program to manufacture new models of cars in Egypt.
