CAIRO, Sept. 6 — Egypt's Manufacturing Commercial Vehicles (MCV) and Sweden's Volvo on Tuesday signed in Cairo an agreement to jointly manufacture electric buses in Egypt for the European market, reported Xinhua.
MCV will manufacture the buses with "50 per cent local content," according to a statement by Egypt's Ministry of Trade and Industry.
Egyptian Minister of Trade and Industry Ahmed Samir said the agreement aims to enhance the joint cooperation between the Egyptian and Swedish companies to localise transportation industries in Egypt, including the manufacture of eco-friendly electric buses.
He noted that the ministry is sparing no effort to support international automakers to expand in the Egyptian market, which will contribute to pumping real investments, localising the industry, and providing more job opportunities.
Samir stressed that the ministry attaches utmost importance to the manufacture of electric cars and public vehicles to meet the requirements and needs of Egyptian consumers during the current and future phases.
For his part, Swedish Minister for International Development Cooperation and Foreign Trade Johan Forssell said the joint project represents a new chapter in the history of Volvo in Egypt as a key partner for MCV.
Forssell expressed hopes that the new cooperation would attract more Swedish investments to the Egyptian market in the near future.
— Bernama-Xinhua
