Prime Minister Mostafa Madbouli attended on Tuesday 5/4/2022 the signing of a memo of understanding between the General Authority for Investment and Free Zones (GAFI) and Japan’s YAZAKI Europe Limited to establish a new factory for the Japanese company in Fayyoum under the framework of the exclusive free zones system at initial investments reaching 20 million euros.
The memo was signed by GAFI boss Mohamed Abdel Wahab and YAZAKI Europe Limited Hans Lemmens in the presence of Japan’s Ambassador in Cairo Oka Hiroshi.
The memo stipulates that GAFI will offer necessary support for the company to establish the factory under exclusive free zones system on an area of 60,000 square meters to manufacture some auto parts such as car wires and cables.
The new factory which is planned to start production by July 2023, is expected to provide 3,000 direct job opportunities.
The value of the factory’s exports is expected to hit 100 million euros a year as the company will use the most Japanese advanced technology a matter that will make it a regional investment center for automotive industry.
Abdel Wahab expressed GAFI’s keenness on offering all kinds of assistance to the Japanese company to carry out its investment plan successfully.
YAZAKI Europe Limited, established in 1941, is one the biggest Japanese companies producing automotive cables.
Source: State Information Service Egypt