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Arab Finance: Ezz El Arab El Sewedy Industrial Investment Group signed an agreement with China-based ROX Motor to establish ROX Egypt to commence production of ROX's range-extended electric vehicles (REEVs) at the group's manufacturing facilities, according to a statement.
The partnership marks a significant move in Egypt’s efforts to localize vehicle manufacturing, Minister of Industry Khaled Hashem affirmed. It also falls within the National Automotive Industry Development goals to increase local vehicle production to 100,000 units annually by 2030.
Hashem stated that the automotive industry remains one of the government's top priorities to maximize added value, adding that partnerships with major industrial entities reflect the international community's strong confidence in the Egyptian economy’s competitiveness.
The minister also outlined the state's package of incentives and investment facilities to ensure the development of the automotive industry.
