Egypt signs memorandum of understanding with Toyota to establish auto port at Suez Canal zone

A memorandum of understanding (MoU) was signed between Egypt and Japan's Toyota to establish a harbor for cars at the Suez Canal zone, said Chairman of the General Authority of Suez Canal Economic Zone Ahmed Darwish.

"The move will make the zone an auto distribution center, which could be a step to establish auto factories after the global economic recession ends," Darwish told MENA in statements about the outcome of his visit to Japan.

He added that talks are ongoing with Singapore Port Authority to be the operator of the second quay of containers in Eastern Port Said harbor.

"We aspire that Eastern Port Said harbor will be the first one in the world within years