Unprecedented Crisis in Egypt: Insights from an Egyptian Expert Shared with RT

Egyptian car expert Gamal Askar spoke about the suffering the Egyptian and international markets are going through in terms of car availability and a significant decline in sales and imports compared to previous years.

Askar said in statements to RT that if global markets are suffering more from lack of supply than volume of demand, then we believe the Egyptian market is a declining market in terms of having cars from scratch. , as well as the inability to pump a large volume of products from parent companies to meet the needs of the Egyptian market as a result of it being a weak and low market. Therefore, compared to neighboring markets, large companies in the automotive industry respond to markets with high demand, but the Egyptian market remained suffocating market after the Corona virus and then the war in Ukraine.

He explained that there is no hard currency to buy cars or even car parts due to the reactionary thought that cars and their parts are entertainment things in the invention of the concept of Egyptian entertainment and that is why companies have refrained from sending orders. agents and distributors, as well as merchants who receive volume from their sales from distributors or those who have the ability to import, and since the volume of hard currency has become insignificant on the one hand, and on the other hand, the question arises from where you get hard currency and useless dialogues apart from the fact that we have reached the point of destroying the homes of those who work in this industry.

He pointed out that agencies have been closing their doors and laying off workers and showrooms have been closing their doors in an initially small market since 2010, when sales in the sector reached 300,000 vehicles, an unprecedented development in Egypt.

He noted that the point is to finally raise our hands from the automotive market so that this industry flourishes, and here I do not mean the industry in its concept, because until now we have not been able to produce cars, despite the existence of the president’s initiative Egypt to empower Egypt as a regional electric vehicle factory where the Ministry of Business Sector has failed to reach agreements with companies. negotiations failed after eight consecutive months, and if the matter had been entrusted to specialists, the result would have been positive.

Source: RT

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