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FINANCIAL NEWS
Toyota to manufacture cars in Egypt
15 Dec 2010
(MENAFN) Egyptian Minister of Trade and Industry Rachid Mohamed Rachid said that Japanese car maker Toyota has decided to manufacture its cars in Egypt starting 2012, Reuters reported
During his visit to Tunisia, Rachid said he met with officials from Toyota who expressed their desire to manufacture in Egypt, which they said has a large market as well as the required technical and human capabilities.
According to Rachid, this decision by Toyota is likely to encourage other major car manufacturers to enter the Egyptian market. He mentioned that the return on investment in Egypt is quite high compared to other countries.
Meanwhile, officials from Toyota declined to give details about the project, which they only said will be one of the largest their company has undertaken outside Japan.
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