GB Auto Celebrates the Commission of Geely Emgrand7 Assembly Line in Egypt

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GB Auto Celebrates the Commission of Geely Emgrand7 Assembly Line in Egypt

 GB Auto Celebrates the Commission of Geely Emgrand7 Assembly Line in Egypt

 

Chinese Minister, Geely Group General Manager and Egypt’s Minister of Trade and Industry among attendees

 

Chief Executive Officer of GB Auto Dr. Raouf Ghabbour: GB Auto made new investments during a time when investors preferred to wait on the sidelines

 

Geely International General Manager Dr. Zhang Lin: Egypt will be the hub and future gateway for Geely’s expansion into North Africa and throughout the Middle East

 

Egyptian Minister of Trade and Industry Eng. Hatem Saleh: GB Auto’s investment reflects the company’s firm belief in the strength of the Egyptian economy

 

 

 

GB Auto, a leading automotive assembler and distributer in the Middle East and North Africa, celebrated the launch of operations at its Geely Emgrand7 assembly line, a key part of its strategic partnership with Geely Holding, signed in early 2012.

 

Ceremony attendees included senior government officials from China and Egypt, executives from GB Auto, automotive industry experts and members of the media community.

 

“The Emgrand7 is one of Geely’s top models. It has achieved impressive scores in rigorous European safety tests and we are confident that it will be a welcome addition to the Egyptian market,” said Ahmet Satiroglu, Chief Manufacturing Officer at GB Auto.

 

“I’m pleased to attend this ceremony, celebrating the fruitful cooperation between GB Auto and Geely Holding,” said Mr. Song Aiguo the Chinese Ambassador to Egypt. “An investment of this scale between top global players in the automotive industry can only be a success story.”

 

“I am very proud to witness the fruits of the hard work exerted by the Geely team, putting the brand on an international roadmap,” expressed Dr. Zhang Lin Geely International General Manager, adding “The Emgrand7, the model being currently assembled and soon to be released in Egypt, is among the best sellers in China and internationally, and is breaking ground for the company’s global expansion efforts.”

 

He continued, saying: “Egypt is a promising market for Geely Group; it’s the second country to assemble the Emgrand7, after Russia. Geely International chose Egypt to be the hub for its future investments, not only because it offers a robust consumer market but also because it is the gateway to expanding into North Africa and the Middle East. We are also pleased that the Egyptian auto market will soon see the launch of additional Geely models.”

 

“Our partnership with Geely wasn’t coincidental; on the contrary, it was based on an extensive two years of research made on the Chinese passenger vehicle manufacturing market,” said Raouf Ghabbour, Chairman and Chief Executive Officer of GB Auto, who welcomed the guests and gave a brief account of the partnership with Geely Corporation.

 

“We found that most Chinese car manufacturers are not specialized: Every car factory produces vehicles across the spectrum, ranging from passenger cars to heavy trucks, except for Geely Corporation which specialized in the type of cars that GB Auto was seeking,” Ghabbour added. “Geely also brings to the table the strong competitive advantage of international exposure, with its US$ 1.7 billion investment in the acquisition of Sweden’s Volvo. This complements their investment in DSI, and their outstanding gearbox technology systems, which reflects positively on their manufacturing expertise. Geely’s specialization, which is the key to success, and successful performance in extensive auto tests presented a strategic partnership opportunity that we felt compelled to act on.”

 

Ghabbour also highlighted the firm’s position following the 2011 Egyptian Revolution, assuring his audience that at a time when investors are inclined to take a ‘wait-and-see’ approach to Egypt, GB Auto did not hesitate to continue its ambitious expansion.

 

“We believe in the Egyptian economy and its ability to recover quickly. We have embarked on a series of internal investments, which included revamping our Prima factory to allow it to manufacture Geely vehicles, opening the largest Hyundai service provider in Assiut, and launching Drive, our passenger car financing company,” Ghabbour continued. “With a population of nearly 90 million and industries that have great potential, we believe the Egyptian market offers a wealth of opportunities that we are uniquely positioned to capitalize on. A strong commitment for developing the Egypt’s auto industry is evident from all stakeholders, investors, local industries and the government.”

 

The closing speech was given by Eng. Hatem Saleh, the Egyptian Minister of Trade and Industry. Eng. Salah emphasized that the Emgrand7 launch in Egypt represents one of the largest percentage increases of local industries of its kind. “The launch of the Emgrand7 production line corresponds perfectly to the government’s economic development plan, especially given that this will drive the growth of the related auto production industries, and lead to much-needed jobs.”

 

Eng. Saleh added, “ GB Auto’s decision to invest and further expand is proof that the Egyptian economy is recovering fast. We promise to give our full support to companies like GB Auto, and feel that this signals the start of many more important investments to come. Egypt’s economy currently offers an array of investment opportunities for local and international investors. We, the government, believe that private investments, including Public Private Partnerships, are a key component of driving the country towards an all inclusive growth in a short amount of time.”

 

Following Eng. Saleh’s speech, guests were taken on a tour of the newly revamped Prima factory, where Hyundai cars, Mitsubishi Canter truck cabins, and Geely cars are assembled. The guests that toured the factory were introduced to the full production cycle and were impressed by the full-fledged restoration of the factory.