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
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.
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