Cairo: Egypt signed a memorandum of understanding with Chinese Jiangsu Changhong Intelligent Equipment Co., Ltd to develop an industrial and engineering base for automotive and transportation manufacturing plants in Egypt. Prime Minister Mostafa Madbouly witnessed the signing at the government headquarters in the New Capital.According to State Information Service Egypt, the agreement brings together the Ministry of Industry, the Sovereign Fund of Egypt, and Jiangsu Changhong, in cooperation with FIDIA Automotive Engineering Systems S.R.L. Investment and Foreign Trade Minister Mohamed Farid, Industry Minister Khaled Hashem, and Jiangsu Changhong President Qiu Yunjie signed the memorandum.The project aims to establish a specialized platform for automotive factory engineering and the manufacturing and assembly of smart production equipment. Additionally, it will provide technical services, training, and technology transfer for projects in Egypt and regional markets. Hashem highlighted that the plan involves progressively relocating more engineering, design, metal manufacturing, assembly, maintenance, and after-sales activities to Egypt.The initiative could also serve as a platform to attract additional Chinese and international companies to Egypt, expand automotive supply chains, and enhance the capabilities of local manufacturers and Egyptian workers in smart manufacturing and industrial engineering. Farid emphasized the government's objective to attract international companies with advanced supply chains while boosting local manufacturing, technology transfer, and the domestic content of industrial production.The project is intended to support automotive and components manufacturers seeking to establish new factories or expand production capacity in Egypt. Moreover, the government plans to develop Egypt into a regional base for automotive factory engineering, production equipment, and smart manufacturing systems, aiming to increase domestic production and exports to regional markets.