Minister of Trade and Industry Nevine Gamea held a meeting with the delegation of the German company LEONI headed by Ingo Spengler — Managing Director at LEONI AG — and Anis Kammoun — Country Manager and Managing Director at LEONI.
The meeting tackled the company’s future plans to expand in the Egyptian market.
The minister said that the government is keen to develop the Egyptian auto industry and its feeding industries as well as provide all necessary capabilities to advance it by enhancing its competitive advantages.
This contributes to making Egypt a regional centre for this important industry.
Gamea added that Egyptian auto industry strategy is currently being prepared, which provides many incentives for car manufacturers, especially electric cars and feeding companies.
She explained that the company enjoys a distinct geographical spread in the Egyptian market, as it operates in the Nasr City Public Free Zone, Badr City, and Assiut City, which is in line with the objectives of the Egyptian state regarding the importance of development in Upper Egypt, providing decent job opportunities, and encouraging foreign companies to direct more investments into the Egyptian market.
Gamea pointed out that her ministry with all its departments spares no effort in supporting foreign companies operating in the Egyptian market and exerting all possible efforts to overcome any obstacles that hinder the flow of their business in the local market.
The minister also stated that the company can benefit from an incentives package provided by the new investment law, which includes tax refund incentives and incentives for free zones.
Moreover, the programme to support car exports, which was approved last year at a value of EGP 500m aims to encourage car manufacturers to develop long-term visions and direct new investments to localise and deepen the auto industry and its components to expand production and export to markets linked with Egypt with preferential and regional agreements.
For his part, Spengler said that LEONI has more than 100 production headquarters in more than 30 countries and employs more than 100,000 employees worldwide.
He also highlighted that the company has been operating in Egypt for 25 years, and that it owns 14 factories, including 10 factories in the Free Zone in Nasr City, two factories in the Industrial Zone in Badr City, and a factory in Assiut, with a total workforce of 5,600 workers, and its products benefit from the most prominent international brands in the automotive sector.
Furthermore, Spengler disclosed that the company is keen to strengthen its position in the Egyptian market — as it is one of the most important markets in the region — maintain the company’s competitive capabilities, and increase its exports to target markets, especially that the company’s total exports amounted to approximately €100m in 2021.
