Egypt unveiled Tuesday a national strategy for the automotive industry in the country.

Prime Minister Mostafa Madbouly announced the National Strategy for the Development of the Automotive Industry, which was launched from East of Port Said in the Suez Canal Economic Zone (SCZone).

Madbouly also witnessed the signing of a memorandum of understanding (MoU) on the localization of the automotive industry in the East Port Said Industrial Zone, with a capacity to manufacture 75,000 vehicles annually as a first stage, and the establishment of the joint manufacturing complex EPAZ.

The MoU was signed between the General Authority for the SCZone, the Egyptian Sovereign Fund, East Port Said Development Company and the Egyptian International Motors Company.

President of the SCZone Yehia Zaki, Executive Director of the Sovereign Fund of Egypt Ayman Soliman, Chairman of the East Port Said Development Board Karim Sami Saad, and Chairman of the Egyptian International Auto Group Khaled Noseir signed the MoU.

It stipulated conducting feasibility studies for this project and studying all its financial and technical aspects to establish a joint industrial complex to manufacture auto parts and accessories in the industrial zone East of Port Said.

The MoU also underscored the importance of enhancing the competitiveness of this industrial complex in line with the national strategy to meet the needs of the local and regional markets, as well as maximizing competition locally and internationally in this sector.

The PM indicated during his meeting with renowned car manufacturers on Tuesday to the facilitations, incentives and factors the SCZone provide for investors in this sector.

He underlined the integration of industrial zones and its affiliated ports that facilitate exporting cars from Egypt to African countries, as well as the investment advantages and features it enjoys compared to other global economic zones.

Madbouly referred to its geographical location that connects the Red and Mediterranean Seas through the Suez Canal, the world’s most important navigational corridor.