Japans Sumitomo Corporation will increase its investments in Egypt by EGP 1bn, that will go towards the launch of a company producing car braids.

The announcement came following a meeting between Mohamed Abd El-Wahab, Executive Director of the General Authority for Investment and Free Zones (GAFI) and Ahmed Magdy, Managing Director of Sumitomo Egypt.

The two officials met to discuss the executive position to increase Sumitomos investments in Egypt, with the factory producing car braids for export to the EU. The project, which is scheduled to open by December 2020, will be located in the 10th of Ramadan Citys free zone system, and will provide 1,000 new job opportunities.

During the meeting, Abd El-Wahab and Magdy discussed the implementation of a plan to attract Sumitomo Corporation investments in Egypts auto feeding industries.

Abd El-Wahab said that GAFI will provide all facilities and incentives for the company, to encourage it to expand in the Egyptian market.

He added that GAFI will also provide support for companies that enhance Egypt’s position as a strategic hub for global supply chains which serve the national economy and provide more job opportunities.

Sumitomos investments in Egypt exceeded EGP 8bn at its various production sites in Port Said and 6th of October cities. This is considered a success story for Japanese companies operating in Egypt, according to Abd El-Wahab.

Magdy said that the injection of new investments is a confirmation of the companys success in Egypt. He added that it is also evidence of Sumitomo Corporations confidence in the Egyptian economys competitive capabilities, as Egypt is one of the companys main markets that it is working to promote.

2020 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.