Egypt, Volkswagen partner to study establishing automotive zone in Port Said
Updated 11/13/2023 7:28:00 AMArab Finance: Egypt has signed an agreement with the car manufacturer Volkswagen Africa to prepare a feasibility study for the establishment of the East Port Said Automotive Zone (EPAZ), a statement showed.
The agreement has been inked between the General Authority for the Suez Canal Economic Zone (SCZONE), The Sovereign Fund of Egypt (TSFE), the East Port Said Development (EPSD) and the automotive company.
The deal aims to attract around $240 million in investments, along with providing 2,100 direct job opportunities and over 4,000 indirect ones in feeder industries.
Under the deal, SCZONE and TSFE will coordinate with the EPSD to appoint qualified advisors for the project’s feasibility study.
On the other hand, the EPSD will be in charge of carrying out technical coordination with all the related parties, while Volkswagen will take part in implementing the Egyptian Automotive Industry Development Program (AIDP).
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