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The Suez Canal Economic Zone (SCZONE) has signed a Memorandum of Understanding with The Sovereign Fund of Egypt (TSFE), East Port Said Development Company and Egyptian International Motors (EIM) group to establish an automobile industry complex in East Port Said Industrial Zone.
The complex, which will be called East Port Said Automotive Zone (EPAZ), will house automobile and component manufacturing units, and is expected to have an annual capacity of 75,000 vehicles in the first phase, SCZONE said in a press statement.
The statement said the feasibility study contract for the project has been awarded to US-based PAC Group.
(Writing by Eman Hamed; Editing by Anoop Menon)
