Nissan Motor to invest over $100 million in Egypt
Nissan Motor Co. Ltd., Monday announced details of its expanding business operations in Egypt. These include the buyout of the assets of the existing manufacturing operation, located at 6th October Industrial City near Cairo.
Nissan will be investing $60 million during 2004 and 2005. This investment will support the complete refurbishment, modernization and expansion of the existing manufacturing plant, as well as enhancing sales, marketing and distribution operations.
By 2010, total investment Nissan will amount to over $100 million.
“Nissan is one of the world’s truly global automakers, and this investment proves our commitment to Egypt and to the Middle East as well as a further expansion in other key global markets, said Carlos Ghosn, President and CEO, Nissan Motor Co. Ltd. Egypt offers Nissan a competitive geographic base to help expand both its local business as well as exports to North African and Mid-Eastern markets.”
Nissan has operated in Egypt since December 1997 through a local privately owned company. It has assembled the Pickup model through a CKD operation at the 6th October industrial plant. Included under the terms of the new business plan and investment, Nissan will buyout the assets of the manufacturing operation.
Nissan will be expanding its current range of vehicles to cover passenger, SUV and commercial vehicle segments. In the summer of 2005, Nissan will commence local assembly of its first passenger vehicle in Egypt, the Sunny sedan.
Nissan currently sells the locally assembled Pickup and imports the Sunny sedan in the Egyptian market. The Nissan plant in Egypt currently stands on 104 thousand square meters and employs 294 employees.
“We would like to acknowledge the contribution made by Dr.Seoudi and his team in supporting the Nissan business in Egypt, said Toshiyuki Shiga, Senior Vice President, Global Overseas Markets, Nissan Motor Co. Ltd. Our future plans for Egypt now require a new level of investment and commitment from Nissan which will be better supported through our direct management of local manufacturing operations.” (menareport.com)
© 2004 Mena Report (www.menareport.com)