Sumitomo Egypt discusses injecting EGP1bln in Egyptian market
Sumitomo Egypt discussed the possibility of pumping 1 billion Egyptian pounds investments through the establishment of a new plant to produce car braids.
The locally produced car braids will be exported to European countries using the free zone system of the Tenth of Ramadan City
The project, which is scheduled to open during next December, provides a thousand new job opportunities.
This came during a meeting between, CEO of the Egyptian General Authority for Investment and Free Zones, Mohamed Abdel Wahab, and Managing Director of Sumitomo Egypt, Ahmed Magdy.
Sumitomo Egypt is a division Of Sumitomo Electric Wiring Systems Europe Ltd, which one of the largest economic entities in Japan.
Abdel Wahab and the managing director of the Japanese company discussed the implementation of a plan to attract investments for the Japanese Sumitomo Group in the fields of auto feeding industries.
Abdel Wahab confirmed that the Investment Authority provides all facilities and incentives to the company to encourage it to enter the Egyptian market, and support all companies that enhance Egypt’s position as a strategic station for global supply chains, serve the national economy, and provide more job opportunities.
The CEO of the Investment Authority indicated that the Japanese company’s plans to expand in Egypt are consistent with successive international institutions ’testimonies about the Egyptian economy, and its ability to quickly recover from the effects of the global coronavirus, depending on the successful economic reform program adopted by the Egyptian government.
He pointed out that the company’s investments in Egypt exceeded LE 8 billion in various production sites in Port Said and the sixth of October, and it is considered a success story for Japanese companies operating in Egypt.
For his part, Magdy emphasized that the injection of new investments is confirmation of the success achieved by the company in Egypt, and evidence of Sumitomo’s global confidence in the competitive capabilities of the Egyptian economy, as Egypt is one of our main markets in which we are working to enhance our business.
