Egypt to build automotive factory in SCzone targeting to produce 75K vehicles per annum in 1st phase – Egypt Today

Egypt to build automotive factory in SCzone targeting to produce 75K vehicles per annum in 1st phase – Egypt Today

CAIRO – 14 June 2022: Prime Minister Mostafa Madbouli attended Tuesday the signing of a quadrilateral memorandum of understanding (MoU) to build an automotive factory in the Suez Canal Economic Zone (SCzone) located Eastern Port Said. The factory, to be named EPAZ, should be able to produce 75,000 vehicles per annum in the first phase. The project is a joint venture by the Arab Organization for Industrialization (AOI), The Sovereign Fund of Egypt, the General Authority for SCzone, and the Egyptian International Motors (EIM). The MoU is the base on which feasibility studies will be carried out, as the project comes within the government's plan to localize automotive industries in the country, to fulfill local needs and export to other markets, as mentioned by the Cabinet's press statement. The prime minister had stated earlier today that Egypt imported $4-billion worth of vehicles in 2021, and that demand is estimated to rise threefold in the coming decade. The prime minister had attended on Wednesday the signing of an MoU between the General Authority for Free Zones and Investment (GAFI) and Sumitomo Egypt for the latter to build a factory that produces braided cables for automotives. The factory will span over 150,000