Cairo: Prime Minister Moustafa Madbouly witnessed the signing of a strategic partnership agreement between Egypt's Nasr Automotive Manufacturing Company and China's FAW Group to produce vehicles under the 'Nasr' brand.
According to State Information Service Egypt, the signing ceremony was held at the government headquarters in the New Capital, with Deputy Prime Minister for Economic Affairs Hussein Eissa in attendance. The agreement was formalized by Mohamed El-Saadawi, Chairman and Managing Director of the Metallurgical Industries Holding Company, Nabil Mohamed Hammad, CEO of Nasr Automotive, and representatives from FAW Group.
On the sidelines of the event, Saadawi highlighted that the partnership is a culmination of extensive discussions and coordination, demonstrating mutual trust and a joint commitment to a long-term collaboration. He emphasized that this agreement will facilitate the transfer of modern technology, boost local-content ratios, and support the government's efforts to rejuvenate the national automotive industry, enhancing its competitiveness in both local and regional markets.
Hammad expressed that the agreement aims to support Nasr Automotive's plans to introduce high-quality vehicles adhering to international standards. This initiative is set to cater to the Egyptian market's demands while paving the way for expansion and export opportunities in regional and international markets. He noted that the partnership showcases successful cooperation between national companies and leading industrial entities, underscoring a shared commitment to industrial development and reinforcing Egypt's role as a regional automobile manufacturing hub.
Officials from both Nasr Automotive and FAW Group conveyed their gratitude for the Egyptian government's ongoing support for the industrial sector. They remarked that this partnership is a significant stride towards establishing a modern national automotive industry that adheres to high standards of quality and efficiency, thus creating added value for Egypt's economy and contributing to sustainable development efforts.