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 Eng. Rashid Mohamed Rashid, Minister of Trade and Industry, attended on Sunday April 20, 2008 the opening ceremony of the 1st bus factory with 80% local component at the 10th of Ramadan City with about LE154 million Turkish – Egyptian investments. It covers an area of 57,000m2. Chairman of IDA, Amr Assal stated that the opening of this factory comes within the framework of the 1000-factory program, pointing out that the factory will produce different – size buses of the Turkish Temsa trademark and part of its production will be exported.
Rashid indicated that this project, to be implemented by the Turkish Temsa Company, represents one of the most important positive results of the free trade agreement with Turkey, aiming to attract Turkish investments to the Egyptian industrial sector. This project that took just 10 months to be executed, signifies the Egyptian technical labor's capability to assimilate the latest technology in the field of automotive industry, he confirmed. Moreover, Egypt could be an important point of attraction in the field of automotive feeding industries and bus manufacture and exporting these products to all
regional groupings such as the member states of the COMESA agreement with African countries and the Arab free trade zone.
Assal stated that Temsa Company's capital amounts to nearly LE180 million with 65% Turkish and 35% Egyptian investments. This factory's annual production capacity is planned to hit 500 1st class tourist and 500 medium – size buses. The factory will provide 750 job opportunities, with an approximate annual production value of LE920 million at the end of the project's phases.
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