(MENAFN- Daily News Egypt) Egypt's Prime Minister Mostafa Madbouly witnessed the signing of a landmark investment agreement on Wednesday between Nissan Egypt and the Egyptian government. The agreement paves the way for the local production of a third vehicle model at Nissan's factory in Egypt. The ceremony, held at the government headquarters in the New Administrative Capital, was attended by prominent officials, including Hassan El-Khatib, Minister of Investment and Foreign Trade, and Fumio Iwai, Japan's Ambassador to Egypt.

Jordi Vila, President of Nissan Africa, represented Nissan Global during the signing, while Mohamed Abdel Samad, Managing Director of Nissan Egypt, signed on behalf of the company.

Under the agreement, the upcoming model will feature over 54% locally sourced content. Abdel Samad also revealed Nissan's ambition to explore export opportunities for this locally assembled vehicle, aiming to enhance its footprint beyond domestic borders.

He remarked,“Nissan has committed $45 million to this project and will inject an additional $2 million to boost production capacity across three models to over 30,000 units annually by 2025.”

The announcement coincides with Nissan Egypt's 20th anniversary of operations in the country. The company operates through a wholly-owned manufacturing facility, underscoring its deep-rooted commitment to the Egyptian automotive market.

Since its inception, Nissan Egypt has successfully exported over 16,000 units of the locally produced Sunny model. Building on this success, the company plans to increase exports by nearly 50% in the current fiscal year compared to 2023. Export revenues, already exceeding $150 million, are set to rise further as Nissan strengthens its presence in global markets.

Nissan Egypt continues to solidify its position as a leader in the country's automotive sector. The company offers a diverse range of vehicles, including locally assembled and imported models, while also embracing future-focused technologies such as electric vehicle support.

This latest investment reflects Nissan's confidence in Egypt's manufacturing potential and its strategic vision to position the country as a regional hub for automotive production and exports.

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