Minister of Investment Sahar Nasr during her visi to Toyota factory- Press Photo.
CAIRO – 10 July 2017: Toyota Egypt will establish an assembly line to manufacture car body of Toyota Fortuner 2017 in Egypt with $8.5 million in investments, Minister of Investment Sahar Nasr said Monday.
The assembly line will be built in cooperation with Arab American Vehicles Company, which is a joint venture between Chrysler Group and Egyptian Army-affiliated Arab Organization for Industrialization (AOI), Nasr added in a statement.
Local components of car bodies in that model will be 47.1 percent, head of the AOI Abdel Aziz Seif noted.
Nasr said Toyota’s new investment comes as a result of Egypt’s economic reform program, calling on Egyptian car manufacturers and investors to communicate with international companies in the sector to benefit from the new investment law.
The news comes one day after a meeting between Prime Minister Sherif Ismail and Japanese minister of state for economic, trade and industrial affairs Hiroshige Seko Sunday to discuss means of boosting relations between both countries.
In November 2015, Toyota opened a new car services' center in Egypt to provide maintenance and spare parts for its car users in the country.