Under the agreement, 50 percent of the components of each unit will be produced in Egypt.
During the signing ceremony, Egyptian Minister of Trade and Industry Ahmed Samir announced that Swedish companies are welcome to invest more in Egypt to benefit from facilities offered by the government to the private sector.
Egypt is moving towards greater involvement of the private sector in national projects, according to its State Ownership Policy Document. The country has also recently taken serious measures to improve the business and investment climate.
According to the Swedish government, Egypt is Sweden’s second-largest export market on the African continent and the second-largest in the Middle East.
In 2022, bilateral trade between Egypt and Sweden reached $1.12 billion, up 30 percent from 2021.
Over the last several years, Egypt’s capital city of Cairo has been taking concrete action to tackle its infamous gridlock and provide residents with faster, cleaner, and more affordable ways to get around. These e-buses are part of the World Bank’s Greater Cairo Air Pollution Management and Climate Change Project, which aims to make Cairo a greener, more livable city.
The Egyptian government is adopting many initiatives, agreements, and decisions to increase the share of renewable energy to its energy mix to 42 percent by 2030.
Egypt has taken several steps to develop the local automotive industry to keep up with regional players.