Egypt, Volkswagen Africa to conduct feasibility study for automotive manufacturing

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The agreement aims to broaden cooperation by developing additional facilities within the East Port Said Automotive Zone

Staff Writer, Arab Finance

July 1, 2024

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The General Authority for the Suez Canal Economic Zone (SCZone), the Sovereign Fund of Egypt (TSFE), the East Port Said Development Company, and Volkswagen Africa have inked an agreement to conduct a feasibility study for automotive manufacturing in East Port Said, as per a statement.

The agreement aims to broaden cooperation by developing additional facilities within the East Port Said Automotive Zone, particularly focusing on setting up a car parts assembly line, SCZone’s Head Waleid Gamal El-Dien said.

For his part, TSFE’s CEO Ayman Soliman said that this study will encompass the viability of constructing related facilities, an auto body shop, buildings, and a car assembly line.

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