Egypt Signs $1 Billion Deal With Leading Chinese Tire Manufacturer Sailun Group
Egypt Signs $1 Billion Deal With Leading Chinese Tire Manufacturer Sailun Group
Signed on Wednesday in the presence of Prime Minister Mostafa Madbouly, the agreement aims to establish a Sailun Group tire manufacturing plant in the Suez Canal Economic Zone (SCZONE), according to a cabinet statement.
The project is a three-phase endeavor that will be completed over three years. The first phase, which is expected to be completed by 2026, will have a production capacity of three million passenger car tires and 600,000 truck and bus tires.
The project's ultimate goal is to produce over 10 million tires annually for the domestic and export markets. This deal is part of the government's plan to localize the automotive industry and its supply chains.
Recent promotional trips to China by the SCZONE included meetings with major automotive and battery companies to foster technology transfer and identify investment needs, according to the statement.
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