Toyota Tsusho will manufacture 240,000 natural gas minibuses in Egypt in cooperation with the Arab Organization for Industrialization, it said Thursday.
The Japanese company’s announcement came during a Cairo meeting between a delegation from the firm, chaired by the its regional manager for Africa, and Egypt’s Minister of Investment and International Cooperation Sahar Nasr.
The meeting discussed Egypt’s President Abdel-Fattah El-Sisi and Prime Minister Mostafa Madbouly’s recent meetings with Toyota on the topic of manufacturing gas-powered minibuses to replace diesel-powered models.
The delegation also said that Toyota is eager to expand in the Egyptian market and to manufacture for it, in addition to exporting to regional and African markets.
The delegation also praised the incentives that the Egyptian investment law has introduced for investors to encourage investment, adding that the company is looking forward to make use of the promising opportunities that Egypt’s economy offers.
Nasr said that Egypt’s government has made replacing diesel minibuses with gas-powered models a priority and manufacturing them in the domestic market will boost national manufacturing.
She also said that Egypt’s developmental projects offer further opportunities that could be tapped by the company.
Toyota Tsusho has around $1 billion invested in Egypt in the transport, oil, energy and wind power sectors.