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Egypt Today
A memorandum of understanding (MoU) to build an automotive factory in the Suez Canal Economic Zone (SCzone) was signed on Tuesday. Egyptian Prime Minister Mostafa Madbouly was in attendance.
The factory, dubbed EPAZ, would produce 75,000 vehicles a year in the first phase of operations. It is a joint venture between the Arab Organization for Industrialization (AOI), The Sovereign Fund of Egypt, the General Authority for SCzone, and the Egyptian International Motors (EIM).
“The project falls within the government’s framework to localise automotive industries, fulfil local needs and export to other markets”, a statement by the Egyptian Cabinet said.
“Egyptian vehicle imports amounted to $4 Billion in 2021. It is estimated that demand would increase by threefold next decade”, Madbouly explained.
Last week, he attended the signing of an MoU between the General Authority for Free Zones and Investment (GAFI) and Sumitomo Egypt to build a manufacturing facility for braided cables for automotive vehicles.
