JABAR EKSPRES – Egypt’s Manufacturing Commercial Vehicles (MCV) and Sweden’s Volvo on Tuesday (9/5) signed an agreement in Cairo to jointly produce electric buses in Egypt for the European market.
MCV will produce the buses with “50 percent 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 cooperation between Egyptian and Swedish companies to localize the transportation industry in Egypt, including the manufacture of environmentally friendly electric buses.
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He noted that the ministry did not make any efforts to support international car manufacturers to expand in the Egyptian market, which would contribute to increasing real investment, localizing the industry, and providing more job opportunities.
Samir stressed that the ministry attaches great importance to manufacturing electric cars and public vehicles to meet the requirements and needs of Egyptian consumers in the current and future phases.
Meanwhile, Swedish Minister of International Development Cooperation and Foreign Trade Johan Forssell said the joint project represents a new chapter in Volvo’s history in Egypt as a key partner of MCV.
Forssell expressed hope that the new cooperation will attract more Swedish investment to the Egyptian market in the near future.
