Madbouly welcomed the Jetour team, stressing that Egypt places great importance on strengthening its relations with China and is keen to enhance bilateral cooperation between the two friendly countries in various fields, particularly the automotive industry.
Madbouly noted that the automotive industry is a priority within the state's vision for industrial growth. Egypt has issued a special law to encourage the localization of the automotive industry, particularly electric vehicles, in which China has made significant progress, becoming a leading manufacturer.
He confirmed that Al-Wazir is directly supervising the localization of the automotive industry. Through his chairmanship of the Ministerial Group for Industrial Development, he noted his pleasure that the new models to be signed today, the Jetour T1 and T2, were imported. Under today's agreement, these models will be assembled locally for the first time.
Dr. Madbouly stressed the current focus on accelerating the increase in the percentage of local components in the assembly process of the new Jetour models, as well as any future models. He noted that increasing incentives for local car manufacturing is linked to increasing the percentage of local components.
He pointed out that President Abdel Fattah El-Sisi is paying great attention to the localization of the electric car industry, and has directed that any investor wishing to establish an electric car manufacturing plant in Egypt will be guaranteed a five-year government purchase of a production share.
Lihong, thanked Madbouly and Al-Wazir for their continued support, especially given its leading position in the Egyptian automotive market. He noted that the company is working to establish a major training center in Egypt for automotive manufacturing, which will enhance the transfer of technology and expertise between the two sides. He presented the company's plan to localize several Jetour models in the local market, including the Jetour T1 and T2 models, which will be assembled locally at a new assembly plant in 6th of October City.
The company's chairman explained that investments in the new assembly plant amount to $123 million, to be injected into three phases. He noted that the percentage of local components in the first phase will reach 45%, while the percentage of local components in the second and third phases will reach 55% and over 60%, respectively. He confirmed that the company has already begun contracting for production lines.
For his part, Mohamed El-Kasrawy indicated that the first Jetour X70 Plus will be launched today, with a 45% local assembly rate.
Following the meeting, the Prime Minister viewed two models of the Jetour T2 and Jetour X70 Plus. He praised the quality of the local assembly of these two models, expressing his hope for assembling more car models locally instead of importing them, and accelerating the pace of increasing the percentage of local components, which will qualify companies to receive more incentives.