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Within the framework of the Ministry of Trade and Industry's endeavors to attract investments in the field of the automotive industry so as to achieve its strategy of producing 1 million vehicles a year, IDA- headed by IDA Chairman - held a meeting with Dongfeng China Group and Jack Automotive Egyptian Group. The meeting tackled the establishment of Egyptian-Chinese project for producing microbus, pickup and private vehicles with Japanese Technology.
On one hand, Mamdouh Mokhtar, Chairman of Jack Automotive Group said that Dongfeng Group is the second major Chinese automotive company that produces 1 million vehicles a year through its 22 factories. He pointed out that the investments of the first stage reached $50 million, producing 50.000 microbus, private and pickup vehicles and providing 2000 job opportunities. The production has to start within 6 months; 80% of the production will be exported to the countries of COMESA and North Africa, and the rest will be for the local market. The annual production value in this stage will reach $250 million.
On the other hand, Magdy Yousief, the General Manager of Jack Automotive Group said that the second stage of the production will start after 2 years. The Chinese party will invest $100 million providing 10.000 job opportunities.
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