Minister of Business Sector Information Center Hisham Tawfik and president of Chemical Industries Holding Co Dr. Medhat Nafae met with Russian trade representative in Cairo Nikolai Aslanov to discuss joint cooperation between the 2 sides in many fields, especially in cars industry.
Tawfik said that the Egyptian-Russian cooperation includes developing “El-Nasr ” Automotive manufacturing company.
The company will benefit from other international companies’ experiences.
El-Nasr will not sell any stocks for investors in order to increase the national component of the country.
Russia’s automotive industry increased up to 12.5% in 2017 and it is expected to increase again by the end of the year up to 11%.
Lada are the most used cars in Russia (20.5%) ahead of Kia cars (12.3%) and Hyundai (10.6%).
Following LIAZ company which sells 12.8% of buses, Pavlovo Bus Factory (PAAZ) is the most company that sells more buses (65%).
According to PricewaterhouseCoopers (PwC) in Moscow, KAMAZ company sells 32.9% of the heavy trucks in Russia while GAZ sells 9.7% and Volvo sells 7.5% of them.