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Arab Finance: Japan’s Yazaki, the global automotive parts supplier, has signed land allocation contracts with the Governor of Fayoum for the construction of a new factory with €30 million in investments, according to a statement issued by the Ministry of Local Development on July 25th.
The project marks the first fully foreign factory to be established in the investment-free zone in Fayoum.
The new factory will provide around 3,500 direct and indirect jobs.
The governor asserted that the project's implementation comes within Egypt’s vision for 2030, achieving sustainable development goals.
The factory’s production will be exported, Vice President of Yazaki Egypt Ahmed Bedewy said, noting that the company targets annual exports worth €100 million annually as well as introducing new creative Japanese technology.
Bedewy also said that choosing Egypt to expand their projects resulted from the huge development the country witnesses in the infrastructure and logistics fields.
The construction phase will start next October, and it is scheduled to be complete in December 2024, with production to start in July 2024, he pointed out.
