Arab Finance: Minister of Industry Khaled Hashem discussed China National Tire and Rubber Co's expansion plans in the Egyptian market with the company's representatives, led by Chairman Wang Jianjun, including a $550 million investment to establish a new tire manufacturing plant in Alexandria, as per a statement.

The plant, which will be implemented through Promethean Tyres Egypt, will produce tires for heavy transport vehicles, engineering equipment, and agricultural tractors. It also includes modernizing and upgrading existing production lines, as the expansion is expected to add annual production capacity of 1.5 million tires.

With operations scheduled to begin in early 2028, the project is expected to create 1,600 direct jobs, support technology transfer, and increase Egypt's exports of tire products.

During the meeting, the company representatives raised several requests, including support in securing industrial land for the new facility, obtaining industrial licenses, facilitating the recruitment of foreign specialists needed for knowledge transfer, and strengthening measures against substandard and dumped imports through tighter anti-dumping and subsidy controls.

Hashem said the Ministry of Industry fully supports the company's expansion plans in Egypt and will work to address any challenges facing the project, whether within the ministry or through coordination with other government entities. He also stressed the importance of facilitating industrial licensing procedures.

The minister called on the company to expand its focus to include passenger car tire manufacturing as a key component of the automotive industry, which the government is prioritizing under the National Automotive Industry Development Program. He also said local production of passenger car tires would help reduce imports and deepen domestic manufacturing.

He added that the government is implementing legislation that prioritizes locally manufactured products in public procurement to support demand for domestic industrial output.

The discussions also covered the company's efforts in energy and water conservation, including water treatment and reuse in manufacturing operations. Hashem emphasized the importance of relying on solar energy to operate the new facility and increasing the share of locally sourced components in its products.

For his part, Wang said the company remains confident in Egypt's economy and investment environment, citing the government's efforts to support investors and remove obstacles. He noted that the new investment forms part of the company's long-term expansion strategy in Egypt, building on its existing operations in Alexandria.

Wang added that the company plans to diversify its product portfolio in the coming years to include passenger car tires, targeting growing demand in both the Egyptian market and export destinations.