Cairo – Egypt’s Ministry of Military Production has signed a deal with China’s Poly Group Corp. to build a passenger car tires manufacturing plant in the country.
With a production capacity of 3 million units a year, the plant will aim to reduce Egypt’s dependence on imported tires, the value of which stood at $186 million (€167 million) in 2018, said the ministry 14 Dec.
The statement did not provide further details on the financial size or construction timeline of the project.
The deal was signed in light of increasing interest from Cairo in boosting cooperation with Chinese companies and expanding Beijing’s investment in Egypt, the ministry added.
Based in Beijing, Poly Group was founded in 1992 and is a Chinese central state-owned enterprise operating in various fields including international trade, engineering services and real estate development.