Egypt’s Military Production National Authority and China Poly Group Corporation have signed on Saturday a contract for setting up a tyre manufacturing plant in Egypt.

According to the contract, the two parties will cooperate in manufacturing different types of tyres.

The new plant is set to produce around three million tyres annually.

The goal of this partnership is to limit car tyre imports, which reached $186 million in 2018.

This partnership is also part of the Ministry of Military Production's strategy to cooperate with different international corporations to transfer and localise the latest technologies to the ministry’s units and affiliated companies.

China Poly Group Corporation’s representative stated that Egypt has the potential to become the company’s industrial hub in the MENA region.

He affirmed his company’s trust in Egypt's investment climate and praised Egypt's efforts in recent years to improve the business environment and stimulate investment in the different industrial sectors.

He also asserted that the Ministry of Military Production has a vast experience in different industrial fields, and is capable of localising car tyres manufacturing technologies in Egypt.

China Poly Group Corporation Ltd. was founded in February 1992. It’s a Chinese central state-owned enterprise operating in more than 100 countries in various fields including international trade, engineering services and real estate development.