Egypt has signed a memorandum of understanding (MoU) with Toyota to establish a harbour for vehicles at the Suez Canal area, said a senior official in a report.

The move will make the zone an auto distribution centre, which could be a step to establish auto factories after the global economic recession ends, Ahmed Darwish, chairman of General Authority of Suez Canal Economic Zone, was quoted as saying in a Masress report.

The signing came days after President Abdel Fatah al Sisi visited Japan last week in which Egypt and Japan issued a joint communiqué under the title ‘Cooperation towards a surge and new phase in bilateral relations’, to mark Sisi's visit, it said.

He noted that talks are ongoing with Singapore Port Authority to be the operator of the second quay of containers in Eastern Port Said harbour.

Darwsih added that he hopes that the Eastern Port Said harbour will be the first one in the world within years.