March 26, 2018 / 2:14 AM / 4 months ago

China's SAIC Motor plans factory in Egypt -Xinhua

SHANGHAI, March 26 (Reuters) - SAIC Motor Corp, China’s largest automaker, plans to build a factory in Egypt to supply markets in the Middle East and Africa, China’s Xinhua News Agency reported, citing Egypt’s trade minister.

A delegation from SAIC had reviewed a new Egyptian investment law that encourages full-car manufacturing, rather than just assembly, Xinhua reported the minister as saying.

The proposed factory would supply the Egyptian market as well as markets in the Middle East and Africa that have free trade agreements with Egypt.

State-owned SAIC would be the latest Chinese automaker to plan manufacturing capacity North Africa. In December, BYD signed a memorandum of understanding with Moroccan officials to build an electric car plant.

China’s government has been encouraging its companies to develop overseas business in support of the country’s Belt and Road Initiative.

The Xinhua report gave no details on the level of SAIC’s proposed investment or the date when production might start.

Reporting by Andrew Galbraith Editing by Eric Meijer

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