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Last Night’s Talk Shows:Thawing ties between Egypt and Turkey and the struggling automotive sector were among the topics of discussion on the nation’s airwaves last night.
There could be a way to go before Cairo and Ankara truly consider each other friends:That’s according to Egyptian Center for Strategic Studies analyst Mohamed El Zayat, who told Kelma Akhira’s Lamees El Hadidi that Ittihadiya’s announcement on Monday that the two countries would “immediately” move to restore ties and reappoint ambassadors does not mean the conflicts are resolved (watch, runtime: 8:41). The two sides have agreed to discuss the key sticking points preventing a full normalization of ties, he said, highlighting security issues, Libya, and maritime boundaries in the Eastern Mediterranean as the key hurdles.
Our trade relationship is improving: The value of the countries’ bilateral trade rose 14% in 2022 to USD 7.7 bn, while Turkish investments in Egypt rose 30%, El Hadidi said (watch, runtime: 2:24).
Dissecting the problems facing the auto market: Latest figureshave shown that local auto sales fell 69% y-o-y in April with distributors selling 5.1k vehicles during the month, marking the lowest since at least the start of 2018. There are a number of reasons for the major drop in automotive sales, Khaled Saad, secretary-general of the Egyptian Association of Automobile Manufacturers, told Kelma Akhira (watch, runtime: 7:19), pointing to the significant drop in supply due to import restrictions and the hard currency shortage and exchange rate fluctuations. “Europe has also cut down on its automotive production, which has affected local supply,” he said, adding that recent increase in car and maintenance prices didn’t help either.
The lull is here to stay: “I expect the drop in auto sales to continue through 2023 and possibly mid-2024,” Saad said, adding that the expat car import initiative will not impact the market.
El Forsa is making its return: El Hadidi’s startup competition show El Forsa will return to the airwaves soon for its second season, El Hadidi said, without disclosing when it will premiere (watch, runtime: 2:40). Some of the most prominent companies in our local startup scene are El Forsa alumni, including Thndr, Swvl, and Mozare3.
