Japan’s global automotive parts supplier Yazaki announced the signing of land allocation contracts with Egypt for the construction of a new factory with US$33 million in investments, according to a statement issued by the Ministry of Local Development.
The project marks the first fully foreign factory to be established in the investment-free zone in Fayoum City, southwest of Cairo.
The new plant will provide around 3,500 direct and indirect jobs.
The governor of Fayoum said that the project’s implementation comes within Egypt’s vision for 2030 for achieving sustainable development goals.
Vice President of Yazaki Egypt Ahmed Bedewy said that the factory’s production will be exported, adding that the company targets annual exports worth US$110.4 million annually as well as providing new creative Japanese technology.
Bedewy added 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 by December 2024, with production to start in July 2024, he said.
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