Eng.Waly asserts Egypt's advances in automotive industry

Engineer Mostafa Waly hailed the agreement with the Dutch multinational automotive company Stellantis

Engineer Mostafa Waly, Former Director of the Egyptian Federation of Industries, hailed the agreement with the Dutch multinational automotive company Stellantis, adding that there is a lot of effort behind the government’s incentives to boost the economy and the welfare of the Egyptians and it is witnessed in the automotive industry.

In a phone call with (The Breakfast Show), Waly noted that we are tackling a sophisticated industry all over the world especially for countries with high populations, such as Egypt, where the demand for autos on both commercial and private sides was needed. He added that by considering the figures for importing cars, we will find it” a big money”, stressing that we can compete.

“We tried before, we succeeded and we can accomplish more in establishing such industries in its latest version,” he said. Egypt’s General Authority for Investment and Free Zones (GAFI) signed a memorandum of understanding (MoU) with the Dutch multinational automotive company Stellantis to study driving further investments into the country’s automotive industry sector, he stated.

Engineer Waly believes that it is a chance for Egypt to prepare by our experience at large in the automotive industry as the world is passing through a tough time nowadays assuming that the Egyptian companies both local and private are ready to capture more investment, hoping that such agreements will be materialized. He said that the whole world is now working on moving to electric vehicles as it is on one hand environment friendly and on the other is cheaper taking into consideration the hiking fuel prices worldwide. As for the challenges facing the automotive sector, engineer Mostafa Waly mentioned that 30 years ago the sector faced many challenges.

However, the private sector has ventured into this business and managed to have infrastructure both in logistics and in human resources which was built over the time. In his point of view, the challenges are to get the latest technology and upgrade the level and the skills of our labor force and technical capacity, believing that this is achievable as we have a new generation who is open to modern technology.

Finally, he pinpointed the importance of the government’s incentives which are needed to attract foreign investments. In June, Egypt launched the national strategy to develop and localize the automotive industry in order to enable it to become a vehicle exporter to regional and African markets, including electric eco-friendly vehicles.

The Breakfast Show aired daily on Nile TV International. This episode is conducted by Sherine Adel.