Recently, Egypt's prime minister Mostafa Madbouly held a meeting with Wang Jianjun, party secretary and executive director of China National Tire & Rubber (CNTR), and Sun Ding, deputy general manager, in the New Administrative Capital. The two sides exchanged views on investment in Egypt's tire industry.
The meeting was attended by lieutenant general Kamel Al-Wazir, deputy prime minister of Egypt's cabinet for industrial development and minister of transport and industry, and Hossam Heiba, CEO of Egypt's general authority for investment and free zones.
At the meeting, prime minister Madbouly welcomed the delegations from CNTR and PTG Egypt. He said that due to the growing local demand for tires, the government attaches great importance to the tire manufacturing industry and regards it as one of the most strategic industries in the market.
The prime minister added that PTG Egypt has a heavy-duty tire production plant in Al-Amiriya, Alexandria, with an annual production capacity of about 1.1 million tires, 70% of which are exported, providing 2,000 local jobs. He hopes that CNTR will continue to expand its production in the Egyptian market and manufacture passenger car tires.
After communication between the two sides, the Chinese company agreed to allocate a 180,000 square meter piece of land near the existing plant in Al-Amiriya to build a passenger car tire factory and double the current heavy-duty tire production.
Prime minister Madbouly said the Egyptian government will provide maximum support to ensure the smooth implementation of the investment and instructed the relevant authorities to facilitate all procedures to ensure the quick execution of the project.
CNTR, the parent company of brands like Pirelli, Prometeon, and Aeolus, aims to expand its manufacturing footprint in Egypt. This investment in Egypt will further enhance the company's business capabilities and international competitiveness.
The new plant is expected to leverage advanced manufacturing technologies, following CNTR's emphasis on innovation and sustainability. By creating local employment opportunities and boosting tyre exports, the facility will play a crucial role in driving economic growth while supporting the global operations of CNTR.
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