Car factories in Europe have not been shut down and negates the current concern in the Egyptian market, according to Karim Naggar, Chairperson of Kayan Egypt for Trading and Investment and Managing Director of the Egyptian Automotive and Trading Company (EATC).
The concern in the domestic market has come on the back of the repercussions of the novel coronavirus (COVID-19) pandemic. The global health crisis has caused great damage to most economic activities and sectors, most notably the auto sector, which has witnessed a significant decline in sales this year.
During the summer, the world has absorbed the shock of the virus, deciding instead to live with the virus, whose severity has subsided.
The epidemic soon resumed its fierce attack in the autumn, with the number of cases and deaths increasing Europe-wide. The rise has prompted many countries to re-impose a curfew, adding fuel to fears that Egypt may also see a second wave.
Naggar said that Kayan undertakes all precautionary measures by: reducing direct employment; allowing many managers to work from home; following precautionary measures through social distancing; holding Zoom meetings; in addition to wearing masks and gloves inside exhibitions; and opening online galleries to reduce crowding.
He denied any intention to reduce import quotas for cars, similar to what occurred at the beginning of the pandemic.