Prime Minister Dr. Mostafa Madbouly witnessed, yesterday the signing of the Memorandum of Understanding for the localization of the automotive industry and its feeding industries in East Port Said industrial zone, with a manufacturing capacity 75,000 vehicles annually as a first stage, according to SCZONE's release.
The signing aims to establish the joint car manufacturing complex East Port-Said Automotive Zone (EPAZ), The MOU was signed among the general authority of the Suez Canal Economic Zone SCZONE) , the Sovereign Fund of Egypt (TSFE) , East Port Said Development Company(ep) , and the Egyptian International Motors Company( EIM).
The signing came after the launching of the National Strategy for the Development of the Automotive Industry in East Port-Said zone.
The Egyptian prime minister also witnessed the signing for the MOU between EPAZ complex , and The PAC Group consultant that aims for conducting the necessary feasibility studies for the complex project. The studies will focus on the financial and technical aspects for the manufacture of auto parts consistent with the agreed production capacity.
It also confirmed enhancing the competitiveness of this industrial complex within the framework of the national strategy for auto manufacturing and the needs of the local and regional markets.