Egyptian Minister of the Public Business Sector Hisham Tawfik said that negotiations are underway with major Chinese electric car makers to revive Nasr Automotive manufacturer.
Tawfik added that the project aims to produce 25 thousand electric cars annually, noting that the delegation of the Chinese company will visit Egypt and inspect the factory in the coming days.
In another context, the minister reviewed the development plan being implemented by local bossiness subsidiaries as well as a number of reform models, both in the losing companies such as the textile sector or the winners such as Maritime and Land Transport and Insurance.
The ministry is expected to finalize the deal of manufacturing electric vehicles with the Chinese side, one of the major companies with technical expertise in this field. Parallel to that, negotiations are being put in place for a fuel-vehicle manufacturing agreement.
Tawfik had said, in previous statements, that a delegation from the Chinese Motor Corporation Dongfeng is scheduled to visit Egypt in the middle of this month to review the developments of the partnership.
He noted the government plans to offer a range of incentives to encourage the manufacture of electric vehicles, keeping pace with global developments in this field.
At the beginning of this year, extensive negotiations were held with another Japanese company to manufacture and assemble vehicles locally as well as developing production lines.
However, the results of these negotiations were not announced until the Minister started negotiations with the Chinese side. Also, the Ministry said it was seeking to manufacture new cars with a local component of more than 40%, with the opportunity to export between 40-50,000 cars to neighboring markets annually.
Nasr Automotive was founded in 1960 with a total production of 384,000 cars by the end of 2009.
The governments have been keen to revive the automotive industry for years through partnering with international expertise in this field.
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