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Egypt: Talks of Developing "El Nasr Automotive" in Its Final Stages
Source: 12/10/2017

Minister of Public Enterprises Ashraf el Sharqawi said the ministry has outlined a plan to develop the performance of its affiliated companies and pump new investments in the sector to utilize assets for the best interests of the companies and their staff.

In statements on the fringe of his visit to the new production lines in Qena Factory for Weaving and Textiles, the minister said the public enterprises sector is currently making unprecedented plans to develop and upgrade the production of its affiliated companies and achieve a leap in their revenues.

He also said talks on developing "El Nasr Automotive" company are in their final stages to market its production abroad.

He said a new car with a motor of cc1500 will be produced with competitive prices that suit the Egyptian family.

An agreement has been reached with a Hungarian company to upgrade the production lines of the company along with another agreement with a Belarus company in cooperation with the Ministry of Military Production to produce and assemble buses and trucks, the minister explained.

He pointed to a proposed plan to put an end to the losses of the National Company for Cement after receiving many reports from a number of consulting offices to restructure the company.

As per the Holding Company for Chemicals, Pharmaceuticals and Medical Appliances, the minister said an agreement was reached with a Saudi company in cooperation with "Long Live Egypt" Fund to cooperate with Al Nasr Company for Pharmaceutical Chemicals to open up new markets for the company in the Gulf region and pump new investments in the coming phase.

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