Meeting addresses the current status of General Motors’ investments totaling $530 million and its future plans.
Dr. Mohamed Farid Stated That:
- The State places great importance on industrial localization, boosting exports, and attracting more foreign direct investment.
- Developing a comprehensive export incentive framework to solidify Egypt’s position as a regional hub for production and exports to regional and global markets.
GM Managing Director Stated That:
- Egypt is a key hub in our long-term plan, and we are implementing future plans to launch new models and increase production capacity.
Dr. Mohamed Farid, Minister of Investment and Foreign Trade (MIFT Minister), held a meeting with Ms. Sharon Nishi, Chair and Managing Director of General Motors Egypt and Africa, along with her accompanying delegation, in the presence of Dr. Jehan Saleh, Economic Advisor to the Prime Minister. The meeting discussed Egypt’s efforts and plans to localize the automotive industry, increase the sector’s contribution to GDP, and the company’s expansion plans in the local market.
During the meeting, Dr. Farid reviewed GM’s expansion plans in Egypt, highlighting the State’s focus on industrial localization, increasing industrial exports, attracting more foreign direct investment, and enhancing the competitiveness of the automotive sector and its supply chain to maximize its contribution to the national economy.
In this context, MIFT Minister emphasized Egypt’s strategic relationship with GM, a company with a long-standing presence in the local market, having manufactured over one million vehicles to date and provided approximately 1300 direct job opportunities and over 30000 indirect job opportunities across its various investments. This reflects GM’s confidence in the Egyptian market and its capacity to accommodate major, long-term industrial investments.
Furthermore, the meeting addressed GM’s current investments in Egypt, exceeding $530 million, including approximately $50 million allocated to advanced operations using robotics and cutting-edge technology, enhancing manufacturing efficiency. Additionally, the percentage of the local components in certain models has surpassed 60%, supporting Egypt’s plans for industrial localization and increased reliance on locally manufactured components.
Dr. Farid stressed that MIFT is developing a comprehensive export incentive framework to maximize Egypt’s strategic position as a regional production and export hub for African and Middle Eastern markets. He affirmed that enhancing the efficiency and competitiveness of locally manufactured products is a key factor in increasing the penetration of Egyptian products into regional and international markets.
Additionally, he confirmed continued coordination with GM and provision of all necessary facilities to expand its automotive investments and increase industrial exports, in line with the State’s vision to localize industry and attract greater investment.
On her part, GM Managing Director confirmed that Egypt represents a central pillar in the company’s long-term regional strategy, given its strategic location and qualified human resources. She noted that GM is executing a forward-looking plan to launch new models in line with market developments, increase production capacity to meet local demand, and expand exports, alongside operational investments to enhance manufacturing efficiency.
She also highlighted GM’s celebration of 100 years of presence in the region, starting from Egypt, underscoring the strategic importance of the Egyptian market in GM’s vision and reaffirming the company’s commitment to supporting industrial localization and turning Egypt into a regional hub for automotive manufacturing and exports across Africa and the Middle East
