Cairo – Mubasher: Egyptian International Trading and Agencies (EIT) has signed an EGP 4.2 billion deal with Seoul-based Kia Motor Corporation to assemble the latest cars in Egypt within the coming five years.
Egypt is the only country to obtain a license to assemble Kia cars in the Middle East and Africa, and is set to produce 15,000 cars annually, Egyptian trade minister Tarek Kabil said in a statement.
The workforce in the new factory for assembling the South Korean automotive brand’s cars will reach 1,000 workers, Kabil added.
The new production will enhance and develop the automobile industry in Egypt as it is of the main pillars of the country’s industrial development, he indicated.
The current investments in the automotive industry amount to about $3 billion, including $1.6 billion in cars manufacturing and $1.4 billion in feeder industries, the minister pointed out.
He further noted that about 86,000 workers in Egypt are currently working in the field of automotive industry and feeder industries.
