Egypt’s Minister of Military Production Mohamed Saed al-Assar signed on Sunday a contract between the Military Production National Authority and the China Poly Group Corporation to establish a car tire manufacturing-factory, the Ministry of Military Production announced.
This contract enhances cooperation with Poly Group across different fields and increases the volume of investments in Egypt within the near future, the Ministry said.
It also includes the production of three million car tires per year, decreasing the $186 million imports of car tires recorded in 2018.
A representative for the Poly Group also explained the group’s strategy for developing future projects in Egypt.
He said that Egypt will become the hub of the group’s industries in the Middle East and Africa, based on the distinguishing components of investment in Egypt. The group will transfer and localize modern technologies within different fields to the ministry’s companies and units, he added.
The Chinese government has taken measures to support Chinese products in Egypt’s markets, with plans to increase investments in Egypt to $15 billion, up from seven billion dollars.
Edited translation from Al-Masry Al-Youm