CAIRO – 31 January 2024: Prime Minister, Mostafa Madbouly, met with representatives from the Japanese company "Yazaki Europe Limited" to discuss the implementation process of the car braid manufacturing project in the Fayoum Governorate. The project, which has already begun construction, involves foreign direct investments valued at €30 million.
During the meeting, Prime Minister Madbouly emphasized the importance of the Yazaki braid factory in promoting the localization of automobile component manufacturing, aligning with Egypt's strategy for developing the automobile industry.
Yazaki plans to export its entire production to Egypt, with an estimated export value of up to €100 million annually, CEO of Yazaki Europe, Hans Lemmens, stated.
The project is expected to be completed by the end of this year, with production from the first phase and the initiation of exports expected in the coming months, according to Ahmed Badawy, Managing Director of Yazaki Egypt Electrical System.
The establishment of the braiding factory was initially agreed upon in April 2022 through a memorandum of understanding (MoU) signed between the General Authority for Investment and Free Zones (GAFI) and Yazaki Europe Limited.
In December 2022, the Cabinet issued a decision to grant the company a golden license, and Prime Minister's Decision No. 99 of 2022 was issued to establish a private free zone named "Yazaki Egypt Electric Company" on a 70,000 square meter area in the Fayoum Governorate.
The contract for the land designated for the construction of the Yazaki car braid factory was signed in July 2023.
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