Cairo: Minister of Investment and Foreign Trade Mohamed Farid witnessed the signing of a Memorandum of Understanding (MoU) between Mansour Group and China's Tianneng Battery Group Co Ltd to explore cooperation and investment opportunities in battery manufacturing and energy storage solutions in Egypt.
According to State Information Service Egypt, the MoU covers a study of opportunities to produce lead-acid batteries for automobiles, as well as lithium batteries for new energy vehicles, supporting Egypt's drive to deepen local manufacturing, increase value-added production, and strengthen export capacity.
The minister highlighted that lithium batteries and components for new energy vehicles are promising sectors under the State's strategy to deepen local manufacturing. He noted that the proposed cooperation with Tianneng would enable Egypt to benefit from the company's expertise and advanced technologies while supporting the localization of industries supplying new energy vehicles.
Egypt possesses strong competitive advantages for such projects, including its strategic geographic location, infrastructure, transportation, and logistics networks, as well as the General Authority for the Suez Canal Economic Zone (SCZONE), Farid stated. These factors would help meet domestic market needs and expand exports.
The minister further mentioned that the government is prepared to provide support during the project study phase, including offering suitable industrial sites and expediting procedures for land allocation and preparation once a final site is selected.
Tianneng's Vice President and head of International Business, Eric Xu, outlined the group's nearly 40 years of experience in battery manufacturing, which includes automotive batteries, motors and mobility equipment, battery recycling, and energy storage solutions. Eric noted that Tianneng is one of the world's leading battery manufacturers and ranks first in China for lead-acid battery production.
Eric expressed Tianneng's eagerness to cooperate with Mansour Group and explore investment opportunities in Egypt, citing the country's market potential and regional location. The company is currently evaluating possible sites for the project, identifying products to be manufactured locally, and preparing a feasibility study.
The signing ceremony was attended by the Chairman of the SCZONE, Mostafa Sheikhoun. The meeting concluded with an agreement to continue coordination between Mansour Group, Tianneng, and relevant government agencies to complete studies on the project, determine its location and target product portfolio, paving the way for implementation, and helping localize battery manufacturing and boost Chinese investment in Egypt.