Egypt Enters the Era of Car Manufacturing

Finance Minister Momtaz al-Saeid said that the government seeks to achieve an annual growth rate between 4 and 4.5 per cent this year, he said, noting that the rate may increase gradually to reach more than 7 per cent during the upcoming years. To achieve these rates, the government wants to lure more foreign investments to Egypt, Saeid said, adding that a range of projects will be carried out with the participation of the private sector.

Saeid said that the government and the public sector intend to carry out new investments, worth LE100 billion, during fiscal year 2012-2013, adding that he expected that the private sector investments to reach LE170 billion. Meanwhile, Industry and Foreign Trade Minister Hatem Saleh said that Egypt should enter the car industry filed instead of relying on the car assembly industry.