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Egypt, Geely Sign MoU For Producing Electric Cars

Global Market	652 VIEWS
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Monday, September 09, 2019 / 02.30PM / Egypt Today / Header Image Credit: Egypt Today

Egypt's Minister of State for Military Production, Mohamed El-Assar, witnessed Friday the signing ceremony of a MoU between the National Organization for Military Production and Chinese Geely Company for manufacturing electric cars.

The move comes as part of the Ministry of Military Production's endeavor, aimed at localizing the manufacturing of the electric vehicles in its subsidiaries.

The agreement coincides with the global move to increase the use of electric vehicles instead of fossil fuel sources of energy.

During the ceremony, Vice President of Geely gave a brief on the company's history, noting that Geely entered the vehicle market in 1997, and succeeded in tapping into the global markets later on.

The MoU marks a major step in Egypt's Industrialization drive as would create new economic opportunities, attract new capital investments and also strengthen its profile as North Africa's investment destination of choice.