Toyota to launch Fortuner model in Egypt, investments hit $8.5mn

Big 5

Toyota Egypt, in partnership with Arab Organisation for Industrialization (AOI), on Monday launched a line for assembling car parts for the Toyota Fortuner 2017 at the Arab American Vehicles Co.

Toyota Egypt’s investments in the project amount to $8.5 million.

Attending the contract signing was Egypt’s minister of investment and international cooperation Sahar Nasr, who said that the Toyota Fortuner investment was a result of the government’s economic programme.

The deal confirms that the investment climate in Egypt is improving, Nasr highlighted.

She added that the Egyptian government was working on encouraging investments in the auto industry and production by creating the suitable climate to attract global companies.

The minister invited Egyptian businessmen and investors interested in the automotive industry to communicate with these global companies and benefit from the attractive merits of investments.

Commenting on the deal, AOI chairman Abd El Aziz Seif said that production of the new generation of Toyota Fortuner affirms the confidence in the future of investment in Egypt and the Egyptian workforce.

The contribution of domestic production in the Toyota Fortuner 2017 reaches 46.1 percent, Seif said, noting that he hopes this percentage will increase.

Meanwhile, Toyota Egypt CEO Ahmed Monsef confirmed his company’s commitment to increasing its investments to support the Egyptian economy.

Japan’s ambassador in Egypt Takahiro Kagawa and Toyota Motor Corporation Global CEO Akio Toyoda also attended the signing and the inauguration of new production line.

Japan’s ambassador highlighted the importance of investments in the new generation Toyota Fortuner in Egypt, confirming Japan’s trust in the Egyptian economy.