Egypt’s Prime Minister Mostafa Madbouly witnessed on Wednesday the signing ceremony of an agreement between global automaker Jetour and El-Kasrawy Group to enhance cooperation in manufacturing and assembling Jetour T1 and T2 models in Egypt, with total investments estimated at $123 million.
The event featured appearances by the Vice Prime Minister for Industrial Development, Minister of Industry and Transport, Engineer Kamel El-Wazir.
The agreement was inked by Dai Lihong, President of Jetour Auto, and Mohamed El-Kasrawy, Chairman of El-Kasrawy Group.
In his remarks, Madbouly said that this agreement represents a significant and new addition to Egypt’s efforts to localize the automotive industry, under which two new models from a global company will be manufactured and assembled in the Egyptian market.
He noted that this agreement follows a series of similar deals signed in recent months, reaffirming that Egypt’s automotive development strategy offers attractive incentives for international car manufacturers.
In turn, El-Kasrawy noted that the signed agreement builds on the current partnership between El-Kasrawy Group and Jetour, with both parties agreeing to assemble the T1 and T2 models, and to expand cooperation in exporting Jetour vehicles from Egypt to several markets.
He explained that both sides agreed to establish a new factory with three production lines—for welding, painting, and final assembly—at an investment cost of $123 million.
The factory will be built on an area of 86,000 square meters in the industrial zone of 6th of October City. It will serve the local market, while part of the production will be allocated for export. The facility is expected to create approximately 1,500 job opportunities.
El-Kasrawy also revealed the launch of the locally assembled X70 Plus model, with an annual production capacity of 5,000 units. Prime Minister Dr. Mostafa Madbouly checked out a prototype of the vehicle prior to the signing of the agreement.
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