On April 20, Egyptian Prime Minister Mustafa Madbouli visited Port Said Industrial Zone.
During the inspection, he visited and spoke at the Pyramid Tyres plant in Port Said.
In his speech, Madboouli said the state would fully support the expansion of the factory in the local area.
It will also reduce import costs and provide export incentives to increase employment opportunities.
It is understood that this plant is the first tire factory in Egypt and will be completed and put into operation in 2020.
The plant broke ground in June 2017 with a total investment of approximately RMB2.5 billion.
The plant produces light truck tires, motorcycle tires, as well as agricultural and industrial tires.
70% of its tire products are made of local raw materials, and 100% of its solid tire products are made of local raw materials.
In the factory, 75% of the products are sold domestically and 25% are exported.
It was revealed that this factory is the first tire factory in the Middle East to adopt German technology.
The plant now provides employment for 1,500 workers and has the potential to expand production.