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Egypt's AOI, Fiat Chrysler Automobiles extend partnership contract for 10 years

Egypt's Arab Organization for Industrialization (AOI) and Fiat Chrysler Automobiles extended on Tuesday their partnership contract for 10 years to end in 2027.

AOI Chairman Abdel Aziz Seif Eddin hailed the extension of the partnership contract as crowning 40 years of bilateral cooperation.

Meanwhile, Minister of Trade and Industry Tareq Qabil underlined the  ministry's keenness on luring local and foreign investments into the automotive and auto-feeding industries and encouraging local industry.

Qabil said Egypt has a great industrial base that would make it attractive to international car companies.

The automotive industry in Egypt witnessed positive changes under a decision to increase the local component in cars manufactured in Egypt.

Egypt has also decided to allow importing used electric cars to encourage consumers to use them, he said.

He noted that amendments will be made in the coming period to reduce greenhouse gas emissions from cars.

He said the current investments in the automotive sector stood at $3 billion, including $1.4 billion in auto-feeding industry. 

About 86,000 laborers work in the automotive and auto-feeding industry, he said, noting that Egypt has a long history in the automotive industry dating back to 1960.

He added that there are about 170 companies operate in Egypt in the automotive domain.

Qabil said that the local market production stood at 100,000 cars in 2017, 50% of them locally-made.

He added that Egyptian exports of cars and auto-feeding sector stood at 700 million dollars.

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