The Renault automotive concern has promised to invest 8,000,000 pounds ($22,400,000) in a new plant for construction and assembly of Renault cars in Egypt, the Cairo Radio reported today.
Renault recently cancelled a contract for assembly of its Dauphine cars at the Kaiser-Frazer plant in Haifa, Israel, in order to secure removal of its name from the Arab boycott of firms doing business with Israel.
The Cairo Radio said that Renault representatives in that city had stated that Renault had not only halted the car assembly operations in Haifa but had also broken all its other commercial ties with Israel.
(From Jerusalem it was reported today that several Israel Ministries were studying the possibility of establishing a Government-owned automobile plant to help fill the gap created by the cancellation by Renault of assemblies in Israel. Such an enterprise, if it materializes, would be along the pattern of development companies in Israel in which the Government makes the basic investment and then invites private investors as partners, the report said.)
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