CAIRO – 11 April 2023: Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba met Tuesday the representatives of Sumitomo Corporation Group, which had received the Golden License to build a factory that produces braided cables for automotives.
The factory – worth $100 million - will span over 150,000 square meters in the 10th of Ramadan City, and will operate in the free zone system. The plant will be Sumitomo's largest in the world in terms of manufacturing that specific product, and is set to enter service by 2023.
The meeting tackled the executive status of the project, the company's plans to expand in the coming period, as well as the support and facilitation provided. Heiba described Sumitomo as a notable partner in implementing the strategy aimed at deepening the automotive industry and turning Egypt into an integral part of global supply chains.
The GAFI chairman expressed the authority's keenness on providing all support to the company, given its role in creating jobs, transferring technology, and increasing exports. He also underscored the big and promising investment opportunities Egypt offers, including those in the sector of automotives.
Sumitomo Egypt already produces braided cables, supplying to automotive corporations in Europe and the Middle East. That is through eight plants located in Port Said, and in Cairo's 6th of October City and 10th of Ramadan City.
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