Engineer Khalid Saad, Secretary General of the Automobile Manufacturers Association, said that the rise in foreign currency prices directly affected the automotive industry in the local market and increased prices significantly
Saad added in an interview to the” 6 o’clock ” program broadcast on Al-Hayat channel, that the dependence of the Egyptian economy on the import of manufactured cars by a large percentage, makes car prices vulnerable to rise and fall based on the movements of foreign exchange rates.
He stressed that dependence on the full import of cars will make the market under the weight of exchange rate fluctuations, which leads to an increase in the cost of products and thus continue the series of rising car prices
He added that to overcome this problem, it is necessary to promote the domestic manufacture of cars and encourage exports to achieve the desired balance in the market and ease the pressure on the foreign currency
The Secretary General of the Automobile Manufacturers Association stated that activating the strategy of localizing the industry and supporting the local product will lead to reducing production costs and increasing production capacity, which contributes to lower car prices
He stressed that the taxes and Customs imposed on imported components significantly affect the final price of products and, consequently, affect the consumer and his purchasing power
Engineer Saad recommended that we should seriously think about deepening the local automotive industry and seeking to export it abroad, because this will provide greater opportunities to reduce costs and stabilize prices in the local market, and save foreign currency that is used to import ready-made cars .
