Automotive manufacturers are awaiting the chance to export Egyptian products and the elimination of obstacles so as to open new markets, in addition to strengthening the local industry by developing manufacturing components. These are some of the most vital issues the attendees of the third annual Egypt Automotive Summit will be concerned with, said Amr Nassar, the executive advisor of the Manufacturing Commercial Vehicles company (MCV).
What do you expect to be discussed during the third annual summit?
Exporting in general and how to open the door for the Egyptian product to penetrate new export markets are the most prominent points that will top the concerns of the manufacturing companies, in addition to focusing on the manufacturing of components.
How do you see the automotive sector’s third summit?
It is an extension of a successful meeting that is growing year after year, as it is an annual meeting that brings together government bodies and companies in the automotive sector to exchange ideas and address the challenges for those who work in the sector, as well as to present the available investment opportunities.
What are your major demands for the third summit, while the concerned government bodies are in attendance?
The major demand of everyone in the automotive sector in this period is: a clear vision from the government for the automotive industry in the next period. We also want them to make decisions fast, whatever the results are, in order to enable companies and investors to clearly set their investment plans for the next period.
And what are the most prominent challenges facing the automotive sector now?
The Egyptian automotive market has seen a decline in sales.
What is your vision for investing in the Suez Canal Economic Zone and ways to develop the feeding industries?
Focusing on bestowing to investors a special investment package to attract investments will give the economic zone a strong chance of becoming an international industrial zone that aims to export—not only the local market, which will make Egypt a strong exporting centre for vehicles as well as components.
What do you think about the tax and customs systems and their effect on the automotive sector and feeding industries?
The general view on the customs and taxes system is still not clear, as we are waiting for new legislations to be issued—represented in the automotive industry strategy.
What do you think about the recent decision of the Central Bank of Egypt to float the pound?
Floating the pound was a necessary step to eliminate the speculation on the exchange rates in the unofficial market. I think the consequences of this decision on the automotive sector will not be completely clear before the stabilisation of the market’s situation and until the government issues a new strategy for the sector.