Mr. Hisham Tawfiq, Minister of Public Business Sector, and Lieutenant general, Abdel Moneim Al-Terras, President of the Arab Organization for Industrialization, witnessed the signing of a Memorandum of Understanding to establish a company affiliated to two factories for producing various types of car tires, in cooperation between the Arab Organization for Industrialization and the Holding Company for Chemical Industries affiliated to the Ministry of Public Business Sector.

The signing ceremony was attended by Mrs. Nafin Jama, Minister of Trade and Industry, and Engineer Yahya Zaki, Chairman of the General Authority for the Suez Canal Economic Zone.

In this regard, Mr. Hisham Tawfiq, Minister of Public Business Sector, affirmed that this agreement comes in light of a common vision between the Ministry of Business Sector and the Arab Industrialization Authority to unify efforts and achieve integration in the tire industry and revive and deepen this industry locally according to international quality standards.

The Minister expressed his welcome to cooperate with the Arab Organization for Industrialization, praising its efforts to deepen local industrialization and transfer and localization of global technology in a way that aims at the state's plans to develop the national industry in accordance with modern scientific systems and replace local raw materials with imported ones.

He added that signing this agreement is a step on the right path to promote such local investments and provide national products to global markets, as part of the ministry's efforts to restructure the Transportation and Engineering Company of the Chemical Holding Company and establish a new plant for it in the Amiriya area of ​​Alexandria to produce tires for agricultural tractors and heavy engineering equipment to meet market needs Domestic and export abroad.

For its part Lieutenant general the terrace explained this cooperation comes within the framework of implementing the directives of President Abdel Fattah El-Sisi to deepen local industrialization and increase the competitiveness of the Egyptian industry in accordance with international quality standards, explaining that these projects will provide many job opportunities for young engineers, technicians and training in the latest technology with standards The Fourth Industrial Revolution.

He added that it was agreed to establish a new company subject to the law of the Arab Organization for Industrialization in partnership between the authority and the Holding Company for Chemical Industries to produce all types of tires for vehicles, indicating that the company will have two factories in the first economic zone of the Suez Canal in Ain Sukhna to produce saloon tires and light transport and bus and transport tires, And the second factory in Al-Amiriya area in Alexandria for the production of agricultural tractor tires and heavy engineering equipment.

For her part, Mrs. Nevin Jameh, Minister of Trade and Industry, stated that this agreement comes within the framework of the state’s strategy to deepen local industrialization, replace imports and increase the added value of the Egyptian product to local and global markets, noting the importance of unifying all relevant government efforts to advance the national industry and create a distinctive brand for the Egyptian product In foreign markets.

The Minister pointed out the importance of exploiting the global crisis of the spread of the Corona virus in the manufacture of Egyptian imports locally, especially in light of its diminishing in foreign markets and the availability of expertise and capabilities to manufacture it in the Egyptian market, pointing to the possibility of expanding the scope of cooperation between the Ministry of Trade and Industry and the Ministry of Public Business Sector and the Arab Organization for Industrialization and the economic zone of the Suez Canal to develop The Egyptian industrial base to cover all the country's needs of consumer goods and production inputs

The accountant / Imad Al-Din Mustafa, Chairman of the Board of Directors of the Holding Company for Chemical Industries, explained that the optimal path of development must be made by concerted efforts and investing all the capabilities of our national institutions, particularly the Arab Industrialization, as it has a huge industrial and technological base that enables it to play a vital and influential role in the design and manufacture of products and components that It is imported from abroad, which reflects positively on supporting programs to deepen local manufacturing and revive the tire industry for various vehicles.