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Jeddah - Yasmine El Tohamy - RIYADH: Egypt plans to build an electric and diesel car manufacturing factory with a production capacity of up to 6,000 vehicles in collaboration with Hinduja Group, one of India’s largest companies.
The move will help bolster the North African country’s economy and create job opportunities for Egyptians.
Egypt’s Minister of Planning and Economic Development Hala El-Said, who is also chairperson of the Sovereign Fund of Egypt, held talks with Hinduja Group chairperson Prakash Hinduja on the sidelines of the World Governments Summit in Dubai.
The facility will be established in collaboration with Egypt’s state-owned El-Nasr Automotive Manufacturing Co..
During the meeting, El-Said highlighted the role of the country’s sovereign fund in bolstering partnerships with the local and foreign private sector.
She said: “The fund is an ideal partner for the private sector as it has a special law that gives it flexibility in investing without being bound by government rules and regulations as well as it has the freedom and structural flexibility to implement various investments.”
She also emphasized the state’s efforts and the huge investments it has pumped into preparing the infrastructure to attract local and foreign investors.
The talks also looked at exploring Egypt’s comparative advantages, energies and capabilities for manufacturing buses and trucks that are eventually exported to the Gulf markets and other countries in the region.
The transnational business conglomerate, Hinduja Group, has presence in 100 countries with total assets of $100 billion employing nearly 150,000 people. It has been at the forefront of the business sector due to massive investments in a wide range of businesses ranging from trucks and lubricants to banking and cable television.
In January 2023, Indian Prime Minister Narendra Modi and Egypt’s President Abdel Fattah El-Sisi agreed on measures to to increase the two-way trade between their countries to $12 billion over the next five years.
India is one of the top five importers of Egyptian products, including crude oil and liquefied natural gas, salt, cotton, inorganic chemicals and oilseeds. Major Indian exports to Egypt include cotton yarn, coffee, herbs, tobacco, lentils, vehicle parts, ships, boats and electrical machinery.
More than 50 Indian companies have invested around $3.15 billion in various parts of the Egyptian economy, including chemicals, energy, and textiles, as well as agri-business and retailing, according to India’s External Affairs Ministry.
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