Throughout the past few years, Egypt has been undergoing an economic reform that has seen a lot of activity in the industrial and real estate sector in the country. However, the final goal in mind was to encourage investment by living up to the standards set by international entities. The industrial and real estate developments are also being executed with the same goal in mind. Recent news has suggested that these actions are bearing the fruit of their labour.
Reports by Al Masry Al Youm state that Mercedes-Benz is looking to emphasise its investment in Egypt by planning a new car assembly plant. The assembly will focus on 4X4 vehicles, which are currently manufactured outside of Europe, and hence do not fall under the lifting of import taxes on European cars, announced just a few weeks ago. Brand owner, Daimler, stated that the plant is to be built by a local business partner in collaboration with the Egyptian government.
Markus Schäfer, member of the Divisional Board of Mercedes-Benz Cars, stated that “Egypt is an attractive and competitive location for production and supporting logistics.” He believes that the company’s plans for the near future align with those of the Egyptian authorities, and they are ready to support them in related projects. This could serve as an excellent boost for the Egyptian economy, affording more and more job opportunities.
Such movements look quite promising for the economic reform plans. In addition to the Mercedes-Benz assembly plant, Egypt is set for an improvement in its status by the OECD. The Organization for Economic Cooperation and Development (OECD) plans to raise Egypt’s rating from yellow to green. This would make Egypt an investment-friendly destination according to the OECD. This comes as a step in OECD’s interest in supporting Egypt’s search for more investment.