Fri, 23 February 2024 | 11:19 am

PM attends signing ceremony of ‘Sumitomo’ factory for auto braids

Egypt’s Prime Minister Moustafa Madbouli attended on Wednesday the signing of a memorandum of understanding to establish the largest factory for Japanese “Sumitomo” Corporation Europe Limited to produce auto electric braids.

The factory will be built on an area of 150,000 square meters at the 10th of Ramadan city.

The signing ceremony was attended by Japanese Ambassador in Cairo Oka Hiroshi and the head of operations at Sumitomo Corporation Europe Limited.

The memorandum of understanding was signed by CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab and Managing Director of Sumitomo Egypt Ahmed Magdy.

Ahead of the signing ceremony, Madbouli expressed his government’s appreciation of beefing up the company’s investments in Egypt via setting up a new factory for auto braids.

The premier also stressed the government’s keenness on providing full support and facilities for the establishment and operation of this factory in line with new incentives and procedural facilities offered by the government for investors, which aim at localizing industry and transferring modern technical technologies to Egypt.

For his part, Abdel Wahab said the company operates in Egypt in the field of manufacturing auto braids and exports all its products to international car manufacturers in Europe and the Middle East, through eight production facilities in Port Said governorate and the 10th of Ramadan and the 6th of October cities.

He noted that the “Sumitomo” company provides about 10,000 job opportunities, and this figure is expected to double after the completion of all the new expansions of the company in Egypt.

The head of operations at Sumitomo Corporation Europe Limited, for his part, said that the company’s exports amounted to LE10 billion in recent years.

The company’s decision to increase its investments in Egypt reflects the company’s confidence in the investment climate in the country, he added.

 

Gazette Staff

Gazette Staff

We The Staff of The Egyptian Gazette are working throughout the day to cover the most important news in all fields for you.

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