Prime Minister Mostafa Madbouly recently engaged in discussions with representatives from Kasrawy Automotive Group to explore opportunities within local manufacturing and exports. The Cabinet released a statement confirming this meeting.
According to the Chairman of Kasrawy Group, Mohamed El Kasrawy, the group successfully exported 6,066 locally assembled cars valued at $57.8 million. He further disclosed that the group has invested EGP 3.25 billion in the automotive sector.
Madbouly underscored Egypt’s commitment to advancing the automobile industry, emphasizing the establishment of the Supreme Council for the Automotive Industry and the provision of essential incentives to facilitate progress.
In 2023, the group’s sales within the local market surpassed 9,500 cars. The Chairman also announced the production of the Golden Dragon, a 15-seater microbus, which has been manufactured locally since 2022 at a rate of 60 percent.
Kasrawy Automotive Group aims to achieve an annual production target of 5,000 cars
with a total investment of $16 million.
Notably, the company is actively engaged in manufacturing activities across multiple phases, with combined investments totaling LE1.5 billion and $102 million.
The group is set to introduce a new car into production, with plans to manufacture 23,000 cars over a five-year period.
Subsequently, the Prime Minister approved the allocation of land for their private factory following a formal request.
Source: State Information Service Egypt