Egypt "has succeeded in initial talks” with Mercedes-Benz officials to bring the international automobile manufacturer back to Egypt following a two-year halt, the head of the Suez Canal Economic Zone announced on Friday.
According to an official statement from the general authority of the SCEZ, Mohab Mamish and a delegation from the zone met in Germany this week with Mercedes-Benz representatives.
At the meeting, both sides "agreed that the company would return to Egypt through the establishment of a centre for logistics, distribution and redistribution in Egypt’s Ain El-Sokhna, in the Suez Canal Economic Zone."
The meeting was held during the International Motor Show in Frankfurt.
Mamish is currently on a four-day trip to Germany to promote investments in Egypt. He is also head of the Suez Canal Zone Authority.
He hailed the meeting’s results as “important” in supporting automobile manufacturing in Egypt.
Mercedes-Benz announced it was suspending its relationship with the Egyptian-German Automotive company, which assembles vehicles inside Egypt, two years ago.
The decision came after the company foresaw no economic benefits following the cut of customs on imported cars from the European Union (EU), which will reach zero by 2019.