Egyptian PM Visits Tire Factory, Aims to Reduce Imports

Egyptian Prime Minister Mostafa Madbouly visited the Pyramids tire factory in Port Said's economic zone on Saturday, highlighting the facility's role in reducing the country's reliance on tire imports. During his visit, Madbouly stated that Egypt currently imports large quantities of tires, but the Pyramids factory is expected to cover 25% of domestic consumption by October.

The tire manufacturing plant, being established by Rolling Plus Chemical Industries Co., will be located in the Suez Canal Economic Zone. With an annual production capacity of 7 million tires, the factory aims to significantly reduce Egypt's dependence on imported tires. "The factory will cover 25% of domestic consumption by October," Madbouly emphasized during his visit.

The project will be implemented in three phases, with the first phase focusing on the production of passenger car tires with a capacity of 2.5 million tires annually. The investment for the initial phase is estimated to be between 400 million and 450 million euros, serving 50% of the local market. Additionally, the project is expected to create around 1,000 direct and indirect job opportunities within the Main Development Co, the investment arm of the economic authority.

Why this matters: The establishment of the Pyramids tire factory in Port Said's economic zone is a significant step towards reducing Egypt's reliance on imported tires and boosting the country's manufacturing sector. By producing a substantial portion of the domestic tire demand, the factory will contribute to the growth of the national economy and create much-needed employment opportunities for Egyptians.

Prime Minister Madbouly's visit to the factory underscores the government's commitment to supporting industrial projects that aim to reduce imports and strengthen the local manufacturing industry. "The factory is expected to produce 25% of Egypt's tire demand by October, reducing the country's reliance on tire imports," Madbouly reiterated. As the project progresses through its three phases, it is poised to make a significant impact on Egypt's tire market and contribute to the country's economic development.

Key Takeaways

• Egypt's Pyramids tire factory to cover 25% of domestic tire demand by October.
• Factory to have annual production capacity of 7 million tires, reducing tire imports.
• Initial phase to produce 2.5 million passenger car tires, with 400-450 million euro investment.
• Factory to create around 1,000 direct and indirect job opportunities.
• Project supports Egypt's efforts to boost local manufacturing and reduce reliance on imports.