Nissan Motor Co. is planning to pump US$60 million in Egypt’s market in the coming phase.
Egyptian Prime Minister Ibrahim Mahlab met Thursday with Takashi Hata – Senior Vice President in charge of Nissan’s Africa, Middle East and India region and Kazutaka Nambu – Managing Director and CEO of Nissan Egypt.
During the meeting the officials from the multinational automobile manufacturer have outlined the development of Nissan’s activities in Egypt, which has been started in 2005. They referred that the company’s volume of investments in Egyptian market currently stands at around US$110 million.
Nissan has future plans to increase its investments in Egypt to reach US$170 million, Takashi Hata and Kazutaka Nambu noted.
The Egyptian prime minister has called Nissan officials to take part in the country’s upcoming Economic Forum Summit, which will take place in Sharm El-Sheikh on February 21-22, aiming to attract international community to invest in the country.
Moreover, Nissan is also studying to expand in the local component in the vehicles assembled in Egypt, the two officials added.
Nissan is the second-biggest car manufacturer in Egypt, produced last year 100.000 cars from its plant located in the 6th of October city. Through its plant, Nissan contributes to the Egyptian economy by directly recruiting 1300 employees, and 3000 others indirectly in the suppliers and dealers side.