Nissan invests $60 million in Egypt

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TOKYO, June 28 (UPI) -- Nissan Motor Co. said Monday it would invest $60 million in Eqypt as part of a plan to expand business operations in the Middle East and North Africa.

Nissan will make the investment in 2004 and 2005 to support the complete refurbishment, modernization and expansion of its existing manufacturing plant in Egypt.

By 2010 the Japanese motor company's total investment will have increased to over $100 million, as part of a three-year business plan to be launched in 2005, the company said.

"This investment proves our commitment to Egypt and the Middle East," said Carlos Ghosn, Nissan's president and CEO.

The business plan includes a buy-out of the existing production facility, the introduction of new models and making Egypt an export base for neighboring markets.

The company has operated in Egypt since 1997 through a local company, with 294 employees, assembling pickup truck models.