Thursday 05 Dec
Dr. Moustafa Madbouly, the Prime Minister, witnessed the signing of an investment agreement by Nissan Egypt on Wednesday morning at the government headquarters at the New Administrative Capital. The agreement outlines plans to manufacture a third model at its Egyptian plant and expand its local manufacturing operations.
The signing ceremony was attended by Minister of Investment and International Trade Hassan Al-Khatib and Japanese Ambassador to Egypt Fumio Iwai. The agreement was signed by Nissan Africa President Jordi Vila and Nissan Egypt Managing Director Mohamed Abdel-Samad.
On the sidelines of the signing,
Engineer Abdel-Samad said that under the agreement, the production of the third
model will begin with a local component rate exceeding 54%. He added that the
company is currently studying plans to export the third model that will be
assembled locally.
He revealed that the third
model's production will commence with a local component rate exceeding 54%. The
company is exploring the possibility of exporting this locally assembled model.
Nissan plans to invest $45
million in this project, with an additional $2 million allocated to increase
the combined production capacity of the three models to over 30,000 cars
annually starting in 2025.
Abdel-Samad highlighted that
Nissan Egypt is celebrating 20 years of operation in the Egyptian market
through its wholly-owned plant. The company has successfully exported over
16,000 locally manufactured Sunny models and aims to increase its export volume
by nearly 50% in the current fiscal year compared to the previous year. This is
expected to generate over $150 million in dollar returns from exports.
Nissan Egypt maintains its position as a leading player in the Egyptian automotive market, offering a diverse range of locally assembled and imported models, as well as supporting electric vehicle technologies.
