More than forty Indian auto-parts manufacturers have showcased their products in Cairo for the first time.
The two-day exhibition, which took place on Sunday and Monday, displayed body and structure parts, engine and exhaust, suspension and braking, transmission and steering, electrical and rubber products and attracted Egyptian engineers, car-dealers and distributers interested in the Indian automotive industry.
The event was organised by the Automotive Component Manufacturers Association of India (ACMA), the only body representing the Indian auto-components industry, along with the Egyptian Ministry of Industry and Foreign Trade, the Egyptian Auto-Feeders Association, the Egyptian Junior Business Association, and the Indian Embassy in Cairo.
"This is the first ever initiative by ACMA in Egypt and aims to drive significant business prospects for the auto-components industry in both countries," said Vinnie Mehta, director-general of ACMA.
He added that the Egyptian automobile industry imports sixty per cent of its auto parts at an estimated cost of $900 million last year, with India's share standing at $70 million (or about eight per cent). "The Egyptian automotive market is expected to grow by 50 per cent by 2020, which represents a huge opportunity for the Indian auto-component industry to increase its share," he pointed out.
According to Mehta, the Indian auto-parts industry is currently worth $35 billion, with exports standing at $10.2 billion as of 2014. The numbers are expected to grow by approximately 10 per cent by the end of this year, he said.
In the 2013-2014 fiscal year, Egyptian exports to India totalled $2.39 billion, while imports from India reached $2.56 billion.
© Al Ahram Weekly 2015
