Egypt’s Production of New Car Launched
Source: www.export-egypt.com 7/11/2017
Toyota Egypt, in partnership with Arab Organization for Industrialization (AOI), launcheda line for assembling car parts for the Toyota Fortuner 2017 at the Arab American Vehicles Co.
Toyota Egypt's investments in the project hit $8.5 million.
Attending the contract inking was minister of investment and international cooperation Sahar Nasr, who stated that the Toyota Fortuner investment was a result of the government's economic programme.
The deal asserts that the investment atmosphere in Egypt is improving, Nasr said.
She went on to say that the Egyptian government was working on encouraging investments in the auto industry and production by creating the suitable atmosphere to attract global firms.
Nasr invited Egyptian businessmen and investors interested in the automotive industry to communicate with these global companies and benefit from the attractive merits of investments.
For his part, AOI Chairman Abdul Aziz Seif stated that production of the new generation of Toyota Fortuner affirms the confidence in the future of investment in Egypt and the Egyptian workforce
The contribution of domestic production in the Toyota Fortuner 2017 hits 47.1%, Seif added, pointing out that he hopes this percentage will increase.
For their part, Japanese Ambassador in Egypt Takahiro Kagawa and Toyota Motor Corporation Global CEO Akio Toyoda attended the inking and the inauguration of the new production line.
Kagawa stressed the importance of making investments in the new generation Toyota Fortuner in Egypt, asserting Japan’s trust in the Egyptian economy.