Japanese Sumitomo Electric €22 Mln Plant in Egypt to Start Operation in NovemberSource: www.export-egypt.com 10/30/2024, Location: Africa |
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Japanese Sumitomo Electric Egypt will commence operating its plant for manufacturing electrical wiring harnesses for cars and vehicles, valued at 22 million euros, in the 10th of Ramadan City in November, the Ministry of Investment and Foreign Trade announced .
This announcement was made during a discussion between Egypt's Minister of Investment and Foreign Trade Hassan Elkhatib, Mirsha Serbo, managing director of Sumitomo Electric Egypt, and Mohamed Hammam, deputy managing director. They reviewed the company’s projects in Egypt, which include producing electrical wiring harnesses in Port Said, 6th of October City, and 10th of Ramadan City. Elkhatib stated that the factory's official opening is scheduled for the first quarter of 2025. He added that the factory will cover an area of 150,000 square metres, providing approximately 3,000 direct job opportunities. This factory would be one of the largest hubs in the world for manufacturing electrical wiring harnesses for cars and vehicles, he noted. The foundation stone for Sumitomo Electric Egypt's new vehicle electric wiring harness factory in the 10th of Ramadan City was laid in 2023. The factory aims to export 100 percent of its production, supporting the country’s efforts to localize industries, meet domestic demands, reduce the import bill, and increase exports to over $146 billion by 2030. Elkhatib emphasized that the Egyptian market represents a significant production and export hub, possessing all the necessary investment potential, including low operational costs, availability of qualified labour, outstanding engineering capabilities, and competitive wages. He also noted Egypt's numerous trade agreements that enhance the access and competitiveness of Egyptian products in global markets. For his part, Serbo stated that the company was established in Egypt under the free zones system in 2008, with nine factories in Port Said, 10th of Ramadan, and 6th of October, totaling approximately 160 million euros in investments. He noted that the company plans to invest more than 8 million euros in Egypt in the next 12 months. |
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