Egypt to establish 1-bln-euro tire factory in Suez Canal Economic Zone

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Egypt to establish 1-bln-euro tire factory in Suez Canal Economic Zone

STORY: Egypt to establish 1-bln-euro tire factory in Suez Canal Economic Zone DATELINE: Sept. 21, 2023 LENGTH: 00:01:34 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the signing ceremony of the tire factory project (courtesy of Egyptian Cabinet) 2. various of the Suez Canal STORYLINE: Egypt will establish a tire factory with investments valued at one billion euros (1.07 billion U.S. dollars) in the Suez Canal Economic Zone (SCZone) northeast of the capital, the Egyptian government said in a statement on Wednesday. The factory will cover 400,000 square meters in three phases, it said. The project aims to produce tires for private cars and heavy trucks with a production capacity of seven million per year at the time of full operation, it added. The move is part of the SCZone's strategy to localize several integrated service and industrial sectors, the statement said, adding that the new factory initially targets securing the needs of domestic markets and reducing importation. It will provide

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