Egyptian government 'supporting' Pyramids Tires development plans

Cairo – The Egyptian government has extended its support to the tire industry as an ‘exporting’ segment targeted for growth.

During a visit to Egypt’s Pyramids Tires factory in Port Said, prime minister Moustafa Madbouli said promoting industries, such as tire manufacture, was a top priority.

The government and all its executive institutions are 'fully aware of the need for growth and the challenges facing manufacturers,' Madbouli said in a 20 April statement about the visit.

According to the Egyptian leader, his government has already removed “a number of hinderances” from the Pyramids factory to enable it to achieve 'desired' capacity.

Such measures, the prime minister noted, included issuing the necessary licenses for the tire maker to proceed with development plans.

Furthermore, Madbouli said that the Egyptian government had set a growth target of 15% per year for all industrial and exporting segments in the country.

The PM stressed that his government’s intention was to increase growth rates for industrial exports, through greater private-sector involvement.

In line with that strategy, Madbouli said that his office “is always open to any serious investors” and would aim to remove any obstacles to investment.

Over the last year, he added, “large numbers of international companies” had set up high-profile production operations in Egypt.

Operational since 2020 (ERJ report), Pyramids Tires is a locally owned company, producing light truck, motorcycle, agricultural and industrial tires.