On September 3, Linglong Group Co., Ltd. and Egypt’s Ministry of Industry signed a Memorandum of Understanding (MOU) in Cairo, reaching a preliminary framework agreement on an automotive parts industrial park project. Wang Lin, President of Linglong Group, and a representative of Egypt’s Minister of Industry signed the MOU on behalf of both parties. The Egyptian Prime Minister attended the signing ceremony and witnessed the signing.

According to the MOU, the proposed industrial park will cover approximately 3 million square meters, with a planned total investment of around US$2 billion. Linglong Group plans to coordinate its holding and affiliated companies, as well as relevant partners, to establish a comprehensive industrial base covering tire manufacturing, industrial conveyor belt production, steel cord, carbon black and other tire raw materials, as well as other automotive components.

The project aims to build a complete industrial chain integrating raw material supply, product research and development, manufacturing, and global distribution.

Once completed, the project is expected to create more than 5,000 direct jobs and approximately 5,000 indirect jobs locally. In addition to meeting demand in the Egyptian market, the products will also be exported to Europe, the United States, and Gulf countries.

The signing of the MOU represents one of Linglong Group’s preliminary steps in advancing its global expansion strategy under the framework of the Belt and Road Initiative. At present, the project remains in the early stages of planning and feasibility assessment. The Group is moving forward with various preparations, including land approval, environmental assessment, financing arrangements, and negotiations with potential partners.

It should be noted that the MOU signed this time is an intention-based framework document and does not constitute a legally binding formal investment agreement. The final implementation of the project will depend on the fulfillment of relevant conditions and the completion of necessary approvals. Matters related to the tire segment will be subject to further information disclosure by Linglong Tire in accordance with applicable laws and regulations.

Linglong Group will continue to advance its global expansion strategy in a steady and prudent manner, taking into account changes in the domestic and international policy environment and its own business conditions, while conducting comprehensive assessments and effectively managing potential risks.

Source: Linglong Group

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