Egypt’s Minister of Local Development Hesham Amna attended on Monday the signing ceremony of a contract of the land allocated for establishing the first entirely foreign factory in the first free investment zone in the Fayuum Governorate, about 80 kilometre south west of Cairo.
Governor Ahmed Al-Ansari inked the contracts with Eng. Ahmed Mohamed Kamal Bedewi, Vice Chairman and Managing Director of Yazaki Egypt for Electrical Systems, which is an affiliate of Japan’s Yazaki, a holder of Golden License offered by the Cabinet.
The project is part of the state’s tireless efforts to promote promising investment opportunities in Fauyym, a press release has said.
Following the signing ceremony, Minister Amna stressed his ministry’s high interest in local economic development, upgrading the investment climate across the nation, and attracting more capital for investment purposes.
He pointed to directives by President Abdel Fattah El Sisi the government to develop an investment-friendly environment, encourage local and foreign investments, and remove obstacles facing investors.
Amna also referred to the regular follow-up by by Prime Minister Moustafa Madbouly of the investment efforts, in response to directives by the political leadership, mainly pertaining to the implementation of resolutions of the Supreme Council for Investment.
Costs of the new project are estimated at 30 million euro, and it is expected to provide 3,500 new jobs, Minister Amna said.
Meanwhile, the minister noted that projects on the investment map of Fayuum hit LE600 million during the last FY.
For his part, Governor Ansari said that the investment projects in Fauyym are part of Egypt Vision 2030.
Discussion about this post