Pirelli planning R&D center in Egypt.
Pirelli is planning to build an R&D center in Egypt over the next three years, the executive director of Pirelli Egypt, Fikry Kaissouni, told local news sources December 18. The project was discussed in a meeting with the Minister of Industry and Foreign Trade, Tarek Kabil.
The center will be the first of its kind in Egypt and will work to improve tyre manufacturing in the country, Italian news agency Nova News reported. Kaissouni added that Pirelli exports its production from the country to European and Gulf countries. Pirelli signed an agreement in November 2014 to expand and upgrade its tyre factory in Alexandria with $107 million in investment.
The money was used to increase production at the site by 35% to 1.15 million tyres per year. According to Egypt Today, bilateral trade between Egypt and Italy grew 13.9% in H1 2017 to reach €2.59 billion ($3.05 billion), up from €2.27 billion in the same period last year.