Cairo, Nov 17 (IANS ) Egypt's state-run automaker El Nasr Automotive Manufacturing Company resumed production after 15 years of suspension, the Egyptian cabinet said in a statement.
At a ceremony marking the return of the company's production lines on Saturday, Egyptian Prime Minister Mostafa Madbouly said El Nasr's return is "a strategic decision by the state" and emphasised the vital role of private-sector partnerships in advancing major projects, reports Xinhua news agency.
Established in 1960 as the first Arab vehicle manufacturer and affiliated with the Ministry of Public Business Sector, El Nasr was once a leading regional automaker. However, it faced a gradual decline and was intended to be liquidated in 2009.
Osama Aboul-Magd, head of the Egyptian Automotive Dealers Association, said that the reopening of El Nasr is important in enhancing industrial localisation.
"This will help save the foreign currency needed for relevant imports, provide job opportunities, increase the employment rate, and lead to exporting vehicles manufactured in Egypt," he said.
Aboul-Magd, who also serves as deputy chairman of the Automotive Division of the Cairo Chamber of Commerce, noted that El Nasr plans to produce electric vehicles starting in May 2025.