CAIRO, NOV 17 – Egypt’s state-owned vehicle manufacturer, El Nasr Automotive Manufacturing Company, resumed production yesterday after a 15-year hiatus, according to a statement from the Egyptian cabinet.
In a ceremony marking the return of the company’s production line, the Egyptian Prime Minister, Mostafa Madbouly, described the return of El Nasr as a ‘strategic decision by the country’ and emphasized the important role of private sector cooperation in advancing the country’s major projects.
Established in 1960 as the first Arab vehicle manufacturer and affiliated with the Ministry of the Public Business Sector, El Nasr was once the leading manufacturer in the region. However, the company experienced a gradual decline and was supposed to be liquidated in 2009.
The head of the Egyptian Automobile Dealers Association, Osama Aboul-Magd, said the reopening of El Nasr is important in strengthening the localization of the industry.
“This step will help reduce dependence on foreign currency for imports, provide more job opportunities, increase the employment rate, as well as potentially export vehicles produced in Egypt,” he said.
Aboul-Magd, who also serves as Deputy Chairman of the Automobile Division of the Cairo Chamber of Commerce, also informed that El Nasr plans to produce electric vehicles starting in May 2025. – Xinhua
