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EIM eyes auto exports from Egypt: Egyptian International Motors (EIM Group), the sole agentof Kia Motors and Renault in Egypt, plans to invest some USD 100 mn to build a factory in Egypt to assemble, market, and export vehicles as part of a broader push to position the country as a vehicle export hub, according to a statement.
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What’s the plan? The firm aims to export some 105k cars valued at USD 1.25 bn over the next five years, in addition to expanding the presence of Egyptian exports in Arab and African markets, the statement notes. EIM also aims to increase its percentage of local components to 58% from the previous 48% within a year from the start of the project.
Background: Egyptian International Motors inked an MoU back in 2022 with the Suez Canal Economic Zone, the Sovereign Fund of Egypt, and the East Port Said Development Company to explore building a factory with a production capacity of 75k cars per year.
IN OTHER EGYPT INVESTMENT UPDATES-
Padma is heading to New Alamein: Polish home furniture company Padma will invest some EUR 70 mn into setting up a new industrial complex in Egypt’s New Alamein City to boost exports to the European and US markets, according to a statement.
What we know: Padma will explore the feasibility of establishing the 400k meter industrial complex, the statement said. The Polish firm aims to achieve over EUR 200 mn in exports to Europe, America, and Arab countries per year.
The ministry is on board: Egypt’s Industry Ministry will facilitate issuing industrial licenses as well as coordinate with Egypt’s General Authority for Investments and Freezones (GAFI) to expedite the procedures needed to establish the company under the special freezones system. The ministry will also conduct an inventory of MDF wood production facilities in Egypt to provide wood and raw materials needed for furniture production.
New Alamein City is a hotspot for investments: The government has offered to grant Teda Investment Holding — the company behind the China-Egypt TEDA trade zone — land on the Mediterranean coast in New Alamein City to help it expand and attract new manufacturers. GAFI Head Hossam Heiba sat down with a delegation from the Chinese government back in April to discuss ways to bring in more Chinese investments into the planned freezone in the New Alamein City.
