Egypt's Prime Minister Mostafa Madbouly witnessed on Monday the signing of a cooperation agreement between the Egyptian government and German automaker Mercedes-Benz to boost bilateral cooperation in the auto industry.
The deal is meant to establish an engineering hub for Mercedes-Benz in the Suez Canal area for assembling and manufacturing automobiles, the prime minister said.
This comes as part of the state's strategy to support an intelligent transportation system and electric-powered public transport, the PM added.
Madbouly noted that the agreement represents a leap in Egypt's auto industry, asserting that the Mercedes-Benz hub will not just serve Egypt, but the whole region.
Madbouly is currently on a visit to Germany to take part in the 22nd session of the Arab-German economic forum from 25 to 27 June. He is accompanied by a high-level delegation comprising the ministers of international cooperation, electricity, petroleum, communications, trade and industry, as well as a number of businessmen.
Earlier on Monday, Madbouly toured the factories of Bosch in Stuttgart, a leading German multinational engineering and technology company.
During the tour of the company's factory, Madbouly was briefed on the company's current production and future investments, as well as its level of cooperation with Egypt.