Egypt, Volkswagen Sign Agreement to Study Building Automotive Zone in Port SaidSource: www.export-egypt.com 11/12/2023, Location: Africa |
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Egyptian state entities signed an agreement with German automobile manufacturer Volkswagen to conduct a feasibility study for the East Port Said Automotive Zone (EPAZ) worth $240 million in investments, according to a Cabinet statement on Sunday.
Signatories from Egypt are The Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt (TSFE), and East Port Said Development Company (EPSD). Under the agreement, parties will cooperate in conducting a feasibility study for the EPAZ, which is expected to create 6,100 jobs. Parties of the agreement will coordinate with the EPSD to select competent consultants to carry out the study. The EPSD is responsible for technical coordination with all parties to the agreement, while Volkswagen is tasked with realizing the Egyptian Automotive Industry Development Program (AIDP). Volkswagen is interested in expanding its presence in the Egyptian market through participation in the AIDP, said Martina Biene, Managing Director and Chairperson of Volkswagen Group South Africa. She further mentioned that the German company will assess the feasibility of establishing a car paint complex in the East Port Said Industrial Zone, as the region is strategically planned to evolve into a global hub for car manufacturing and logistics services. In 2022, Egypt unveiled its national strategy for localizing the automotive industry, with the aim of positioning itself as a key player in Africa's emerging vehicle markets; a vision shared by Volkswagen in its long-term forecasts for the North Africa region. On Thursday, the Egyptian company Ezz El Sewedy Automotive Factories signed a framework agreement with the General Authority for Investment and Free Zones (GAFI), the Ministry of Finance’s Environmentally Friendly Automotive Industry Finance Fund, and the Cabinet’s Automotive Industry Unit to annually manufacture 50,000 cars bearing the Malaysian Proton logo in Egypt. Boosting domestic manufacturing of vehicles may also help stabilize the country’s domestic automotive market. Since March 2022, the market has been grappling with unprecedented stagnation largely due to a decline in imports and a shortage of foreign currency. Founded in 1937 by the German government Volkswagen was the world’s largest car manufacturer in 2016 and 2017, based on the number of global sales. In 2019, the Volkswagen Group grew its worldwide deliveries by 1.3 percent to 10.97 million vehicles. According to the company, Volkswagen has been operating in Egypt since May 1976 through the Egyptian Automotive & Trading Co. (EATC). |
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