Prime Minister Mostafa Madbouly witnessed the signing ceremony of a memorandum of understanding between the General Authority for Investment and Free Zones (GAFI) and Japan’s Sumitomo, on Wednesday.
The agreement aims to establish a factory for the manufacture of electrical braids for cars, on an area of 150,000 square metres in 10th of Ramadan city.
The signing was attended by Ambassador of Japan to Cairo Oka Hiroshi, Mirsha Serbo, Chief Operating Officer of Sumitomo Europe Limited, and Deputy Managing Director of the company Rudi Rudolph.
The MoU was signed by Executive Director of GAFI Mohamed Abdel Wahab, and Managing Director of Sumitomo Egypt Ahmed Magdy.
Prior to the signing, Madbouly expressed the government’s appreciation for the company’s intention to increase its investments in Egypt, through the establishment of a new factory for the manufacture of car braids, and the company’s goal of increasing the rates of exporting its products abroad and providing new job opportunities,
He stressed on the government’s keenness to provide full support and the necessary facilities in order to establish and operate this factory, in line with what the government recently approved of new incentives and procedural facilities for investors aimed at settling industry and transferring modern technical technologies to Egypt.
Ahmed Magdy indicated that the project will take a year and a half to implement, and it is targeted to start operating by the end of 2023. It is scheduled that the entire production of the new factory will be exported abroad, which will contribute to raising the rate of Egyptian exports.
Moreover, Egypt’s cabinet approved a draft decision by President Al-Sisi to redraw the eastern boundary of Cairo to include some areas of the New Administrative Capital and its extension.
The cabinet also approved a draft presidential decision regarding the allocation of 21 state-owned areas in the governorates of Matrouh, Beheira, Suez, Red Sea, South Sinai, and Ismailia, to establish seawater desalination plants until 2050.
