During the signing, Trade Minister Samir announced that the agreement aims to boost cooperation between the Egyptian and Swedish companies.
Manufacturing Commercial Vehicles Company (MCV) signed an agreement with Swedish multinational manufacturer VOLVO to produce electrical busses and export them to European markets. Under the agreement, 50% of the e-busses’ components will be locally produced in Egypt.
During the signing, trade minister Samir announced that the agreement aims to boost cooperation between the Egyptian and Swedish companies. Moreover, the agreement will contribute to the localization of the Egyptian transportation industry, including the environmentally friendly electric bus industry. In addition to that, it will raise the volume of investments in Egypt.
The agreement was signed in the presence of Egypt’s Minister of trade and industry, Ahmed Samir and Sweden’s Minister for International Development Cooperation, Johan Forssell.
Samir pointed out that this agreement is one of the most important results of the ministry delegation’s visit to the Swedish capital Stockholm. During the visit, meetings were held with a number of Swedish companies.
The delegation also participated in the Egyptian-Swedish business forum. During this forum, Swedish companies were encouraged to pump investments in the Egyptian market.
