Japan’s Sumitomo Corporation will increase its investments in Egypt by EGP 1bn, that will go towards the launch of a company producing car braids.
The announcement came following a meeting between Mohamed Abd El-Wahab, Executive Director of the General Authority for Investment and Free Zones (GAFI) and Ahmed Magdy, Managing Director of Sumitomo Egypt.
The two officials met to discuss the executive position to increase Sumitomo’s investments in Egypt, with the factory producing car braids for export to the EU. The project, which is scheduled to open by December 2020, will be located in the 10th of Ramadan City’s free zone system, and will provide 1,000 new job opportunities.
During the meeting, Abd El-Wahab and Magdy discussed the implementation of a plan to attract Sumitomo Corporation investments in Egypt’s auto feeding industries.
Abd El-Wahab said that GAFI will provide all facilities and incentives for the company, to encourage it to expand in the Egyptian market.
He added that GAFI will also provide support for companies that enhance Egypt’s position as a strategic hub for global supply chains which serve the national economy and provide more job opportunities.
Sumitomo’s investments in Egypt exceeded EGP 8bn at its various production sites in Port Said and 6th of October cities. This is considered a success story for Japanese companies operating in Egypt, according to Abd El-Wahab.
Magdy said that the injection of new investments is a confirmation of the company’s success in Egypt. He added that it is also evidence of Sumitomo Corporation’s confidence in the Egyptian economy’s competitive capabilities, as Egypt is one of the company’s main markets that it is working to promote.