Indian automotive part makers to cater Egyptian market’s needs via trade and investment tie-up
Ten leading automotive component manufacturers from India will participate in an exposition in Egypt to explore opportunities in the Egyptian […]
Sarabjit Kaur December 6, 2017
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Ten leading automotive component manufacturers from India will participate in an exposition in Egypt to explore opportunities in the Egyptian and North African markets. The companies form a part of the global supply chain for the majors like Toyota, Mitsubishi, Nissan and Isuzu. “India is emerging as a global hub for auto-components sourcing. The Indian auto-components are known for its cost effectiveness and quality. With the rapidly growing transport sector in Egypt, Indian auto-components industry is well positioned to cater to the needs of the Egyptian market through trade and investment collaborations,” India’s Ambassador to Egypt Sanjay Bhattacharyya said on Wednesday in Cairo. The Indian auto-components industry is set to become the third largest in the world by 2025 and is expected to grow by 8 to 10 per cent in 2017-18. Higher localisation by Original Equipment Manufacturers (OEM), higher component content per vehicle, and rising exports from India would be the key growth drivers for the industry which is projected to register a turnover of USD 100 billion by 2020. By 2026, exports of these products are likely to range between USD 80 to USD 100 billion. The Indian Pavilion is being organised by the Engineering Export Promotion Council of India (EEPC India), the premier trade and investment promotion organisation in engineering sector sponsored by the Ministry of Commerce and Industry, in association with the Embassy of India in Cairo. In auto-components sector, India is among the top six exporting countries to Egypt. India exported more than USD 75 million worth of auto- component products to Egypt in 2016, constituting 7.5 per cent of the total imports of Egypt for the product.