Hyundai Mobis launches logistics center in Egypt

South Korea's top auto-parts maker, Hyundai Mobis Co., said Tuesday that it has launched a logistics center in Egypt, becoming the first South Korean company to do so in the African nation.

According to Hyundai Mobis, the new logistics center will be built in the city of Alexandria, Egypt's second largest city, with investments worth 20 million U.S. dollars, as it will be responsible for manufacturing and distributing more than 70,000 auto-parts in the North African region.

The company added it is targeting sales of 70 million U.S. dollars this year, and more than 200 million U.S. dollars in 2016, as demand for South Korean automobiles are expected to grow in the region.

Hyundai Mobis added the total units in operation (UIO) by Hyundai Motor and Kia Motors Corp., both affiliates of the auto- parts maker, in the region will grow from 800,000 vehicles this year to 1 million units by 2012.