CAIRO – Egyptian Prime Minister Moustafa Madbouli witnessed on Wednesday the inking of Nissan Egypt’s investment contract on manufacturing a third model in its factories in Egypt and expanding its manufacturing activities in the local market.
The event was attended by Investment and Foreign Trade Minister Hassan Khatib and Japanese Ambassador in Cairo Iwai Fumio.
Nissan Africa President Jordi Vila signed the contract on behalf of Nissan Global with Managing Director of Nissan Egypt Mohamed Abdel Samad.
Under the contract, the company will use local components in the third model by 54% and will reconsider its exportation plans of the model which will be assembled locally, Abdel Samad said.
He added that Nissan has announced a 45 million dollar investment plan of the project. Moreover, the company will inject an extra
2 million dollars for the production capacity of the three models to exceed 30,000 vehicles annually as of 2025.
He noted that the inking of the contract coincides with the 20th anniversary of Nissan’s accession to the Egyptian market.
He noted that the company seeks upping its exports by 50% in the current fiscal year compared to the 2023 FY exports.
It also seeks upping its dollar revenues from exports which currently exceed dlrs 150 million, he said.
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