Egypt’s National Organization for Military Production signed a memorandum of understanding on Friday with China’s Geely Co, to help manufacture electric vehicles.
The Ministry of Military Production clarified in a statement Friday that the signing of the memorandum continues its efforts to localize development of the electric vehicles industry within its companies, which began with the signing of an agreement in April between Egypt’s Military Factory 200 and the Chinese Foton Motor company to manufacture 2,000 electric buses over four years.
The statement added that electric vehicles achieve an economic return through the use of electricity instead of gasoline and diesel, as well as low maintenance costs, and that their use reduces carbon emissions, making them compatible with local environmental requirements and international standards.
The Vice Chairman of the Board of Directors of Geely said that his company is looking forward to cooperating with the Ministry of Military Production because of the high potential of its subsidiaries, which will pave the way for a strategic partnership between the two sides in the production of electric vehicles.
He added that Geely seeks to meet the demands of the Egyptian market through products suitable for the atmosphere and roads in Egypt.
In a related context, Egyptian Minister of Public Business Sector Hisham Tawfik headed to China on a several-day official visit to discuss opportunities of cooperation with the Chinese side, especially in the field of electric car production.
During the visit, Tawfiq will hold meetings with the China Association of Automobile Manufacturers (CAAM) and Chinese companies working in the electric car industry and will visit their factories to see the latest technology of electric car manufacturing in China and discuss the possibility of joint cooperation.
Edited translation from Al-Masry Al-Youm