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Ahram Online
Japanese automotive components producer Yazaki Europe Limited will establish a €20 Million euro facility to locally produce components for cars in Fayoum, South-West of Cairo.
On Tuesday, a memorandum of understanding (MoU) was signed between Yazaki Europe Limited’s CEO Hans Lemmens, and the Egyptian General Authority for Investment and Free Zones (GAFI) CEO Mohamed Abdel-Wahab. The agreement was signed in the presence of Egyptian Prime Minister Mostafa Madbouly and Ambassador of Japan in Cairo Oka Hiroshi.
The 60,000-square-metre factory will manufacture car components including wires and braided wires; 100% for export. The facility’s total annual exportation value is expected to hit €100 Million euro. The project is scheduled to begin operations in July 2023 and would create around 3,000 jobs.
The factory will introduce new and innovative Japanese technology into the Egyptian market and help the country become a regional investment centre for the automotive industry.
“GAFI is keen to provide all support to the Japanese company to implement its investment plan and to achieve maximum benefit from the competitive advantages in Egypt. The step will support Egypt’s competitiveness in the automotive components industry”, Abdel-Wahab said.
Founded in 1941, Yazaki is the world’s main supplier of electrical braided wires, with 140 branches in 45 countries around the world, including Egypt. The company’s sales exceed €12.5 Billion euros annually.
