Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid Saleh, held talks with Chinese intelligent manufacturing company Jiangsu Changhong regarding plans to establish an automotive equipment and production line manufacturing plant in Egypt with an initial investment of around USD 20 mln.
The proposed project aims to localize the production of automotive manufacturing equipment, strengthen domestic supply chains, increase local content and support exports. The company also plans to expand the investment in later phases.
Farid said the government is coordinating with relevant authorities to facilitate the project by providing land, infrastructure and investment incentives, while also exploring cooperation with the Sovereign Fund of Egypt (TSFE).
According to the ministry, the project is expected to support technology transfer, develop local supporting industries and strengthen Egypt’s position as a regional manufacturing and export hub for the automotive sector.