Nasr inaugurates two new factories in Port Said Free Zone

PORT SAID - 18 March 2019: Minister of Investment and International Cooperation Sahar Nasr on Sunday inaugurated two new factories affiliated to Japan's Sumitomo Corporation with foreign direct investment reaching $200 million.

The minister was briefed by Chairman of Sumitomo Egypt Ahmed Magdy on the economic activities of the mother company which is one of the biggest six economic businesses in Japan specialized in the electronics industry.

Magdy expounded to the minister that the company, whose total investments in Egypt stand at $15 billion, provides around 12,000 job opportunities and exports most of its production to the UK, France, Italy and Russia.

He asserted that the company is targeting to increase its investments in Egypt during the fiscal year 2019/2020. He revealed that a new factory will be established in the 6th of October City with investments worth $200 million. It would provide around 3,500 job opportunities, he said.

Nasr also inspected the factory of the Indian company TSC Sinmar Group which is producing petrochemicals and whose investments in Egypt are estimated at more that $1.5 billion.

The minister's tour included as well a visit to Kapci paintings factory whose investments in the Egyptian market hit
$1 billion.

The minister pointed out that the number of projects in the Free Zone of Port Said reaches 1,090 with a combined capital amounting to $12.5 billion.