Egyptian Auto Industry Faces Up To Globalisation

July 2006 | Market Trend Analysis

Egypt is set for a boom in car sales due to the appreciation of the Egyptian pound and the rising consumer confidence. In 2004, the Egyptian pound was floated resulting in an appreciation from EGP6.0:US$ to EGP5.5:US$ while the level of import duties for vehicle parts and cars was slashed, with those for an engine capacity of 1.6 litres and below reduced by more than half. This resulted in a marked reduction in car prices, but consumers had delayed purchases expecting further cuts in duties. While the government announced that there were no plans to cut taxes further, it required

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