In CAIRO story on Monday "UPDATE 1-Nissan to invest $100 million in Egypt by 2010", please read in paragraph two ... Carlos Ghosn ... instead of ... Carlos Grosn ... and make conform throughout (corrects spelling of name).
A corrected story follows.
(Updates with quotes, changes dateline from TOKYO)
CAIRO, June 28 (Reuters) - Nissan Motor Co , Japan's second-biggest auto maker, said on Monday that it would invest a total of $100 million by 2010 to expand its operations in Egypt, including $60 million by 2005.
Nissan plans to buy out and renovate an existing manufacturing facility near Cairo to enhance sales and start a regional export base there, Nissan President and Chief Executive Officer Carlos Ghosn told a press conference in Cairo.
"This project would not make sense without export efforts," Ghosn told reporters. "Today we export zero cars. In 2007 our plan is to export 3,800 cars," he said, speaking in both Arabic and English.
Under the expansion plan, Nissan plans to start local assembly of its first passenger vehicle, the Sunny sedan, in Egypt in the summer of 2005. This will be followed by the launch of the locally assembled X-Trail sports utility vehicle.
Ghosn said Nissan hoped to capture 15 percent of the local Egyptian market by 2007.
Nissan began operations in Egypt in December 1997, selling a locally assembled Pickup model and imported Sunny sedan.
"There is a potential that is not exploited, and we think this is going to be a good opportunity for Nissan and for Egypt to try to crack once and for all the resistance against the exports coming from Egypt," he said.
Egypt's exports have become more competitive on world markets after it floated the pound in January 2003. It has since lost more than a quarter of its value against the dollar.
But analysts say exports have not picked up accordingly because the quality of Egyptian goods is not up to scratch.
Ghosn said Nissan would invest more money if need be to ensure the quality of the cars for export.
"The first exports coming from Egypt, wherever they are going to go, ... are going to be scrutinised on what is the quality of these cars," he said. "We have to deliver first quality, like the ones all over the rest of the world." (Additional reporting by Shusaku Hattori in Tokyo)