Egypt and Ling Long China agree on 2B USD investment
Egypt has signed a memorandum of understanding with the Chinese group "Ling Long" to develop an integrated tire manufacturing complex with a cost nearing two billion dollars. The project aims to produce tires for passenger cars, buses, and equipment, creating more than 5,000 jobs. This initiative comes within Egypt's efforts to boost local manufacturing and supply chains, following Chinese President Xi Jinping’s visit to Cairo and discussions with President Abdel Fattah El Sisi. The talks focused on technology transfer and the localization of complementary industries. The project aims to support the Egyptian economy and strengthen the trade relations between the two countries.
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