Nissan commits $47m to develop operations in Egypt

Egypt’s Prime Minister Mostafa Madbouly witnessed the signing of a landmark funding settlement on Wednesday between Nissan Egypt and the Egyptian authorities. The settlement paves the best way for the native manufacturing of a 3rd car mannequin at Nissan’s manufacturing unit in Egypt. The ceremony, held on the authorities headquarters within the New Administrative Capital, was attended by outstanding officers, together with Hassan El-Khatib, Minister of Investment and Foreign Trade, and Fumio Iwai, Japan’s Ambassador to Egypt.

Jordi Vila, President of Nissan Africa, represented Nissan Global in the course of the signing, whereas Mohamed Abdel Samad, Managing Director of Nissan Egypt, signed on behalf of the corporate.

Under the settlement, the upcoming mannequin will characteristic over 54% domestically sourced content material. Abdel Samad additionally revealed Nissan’s ambition to discover export alternatives for this domestically assembled car, aiming to boost its footprint past home borders.

He remarked, “Nissan has committed $45 million to this project and will inject an additional $2 million to boost production capacity across three models to over 30,000 units annually by 2025.”

The announcement coincides with Nissan Egypt’s twentieth anniversary of operations within the nation. The firm operates by way of a wholly-owned manufacturing facility, underscoring its deep-rooted dedication to the Egyptian automotive market.

Since its inception, Nissan Egypt has efficiently exported over 16,000 items of the domestically produced Sunny mannequin. Building on this success, the corporate plans to extend exports by practically 50% within the present fiscal 12 months in comparison with 2023. Export revenues, already exceeding $150 million, are set to rise additional as Nissan strengthens its presence in international markets.

Nissan Egypt continues to solidify its place as a frontrunner within the nation’s automotive sector. The firm presents a various vary of automobiles, together with domestically assembled and imported fashions, whereas additionally embracing future-focused applied sciences comparable to electrical car assist.

This newest funding displays Nissan’s confidence in Egypt’s manufacturing potential and its strategic imaginative and prescient to place the nation as a regional hub for automotive manufacturing and exports.