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 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. Chairman of GAFI Mohamed Abdel Wahab noted that Sumitomo Egypt already produces braided cables, supplying to automotive corporations in Europe and the Middle East. Chairman of Sumitomo Egypt Ahmed Magdy stated that the factory is estimated to be accomplished in a year and a half, so it would enter service by the end of 2023.

Source: Egypt Today June 14, 2022 16:19 UTC