GV Investments has announced the signing of an exclusive partnership agreement between its subsidiary, GV Auto, and Lada Egypt, Invest-Gate reports.

The objective of this partnership is to market and distribute “Lada” cars, featuring five new models, in the Egyptian market. In addition, the agreement includes the establishment of a manufacturing plant in Egypt for the assembly and production of cars, catering to local market demands and enhancing export opportunities.

The signing ceremony was attended by Sherif Hammouda, Chairman of GV Investments, and Ilya Savinov, Export Director of AvtoVAZ – Lada. This partnership is part of the development and expansion of the automotive market in Egypt, responding to the increasing demand for cars in the country and the growing investments in the manufacturing sector.

The new manufacturing plant is planned to be located in Tarboul Industrial City, covering an area of up to 200,000 sqm. Its main focus will be on the assembly and production of five different models of LADA cars, aligning with the company’s strategy to enhance its production capacity.

GVI Auto aims to produce between 50,000 to 70,000 cars annually, with a strong emphasis on utilizing local components, exceeding 60%. This highlights the company’s commitment to strengthening the local industry and delivering high-quality products.

Moreover, the company strives to achieve significant localization in the assembly and manufacturing processes while exploring new opportunities for export and leveraging regional and international trade agreements involving Egypt, such as COMESA, the Agadir Agreement, South Africa, the European Union, and agreements with countries like Turkey.

Sherif Hamouda, Chairman of GV Investments, expressed his immense pride in the partnership with LADA and its exclusive representation in Egypt. He envisions Egypt as a central hub for car manufacturing and export in the region, creating employment opportunities and promoting the localization of the automotive industry.