Japanese company Sumitomo Electric Wiring Systems Inc. has obtained a golden license to build the world’s largest factory for the manufacturing of electrical wiring harness for vehicles with investments at US$100 million.
The company will export its production to global car manufacturers in Europe and the Middle East.
The golden license is a comprehensive license for all necessary permits to establish and operate projects.
Egypt’s CEO of the General Authority for Investment and Free Zones, Hassan Hamed, discussed with officials from the Japanese company investment plans and expansion in Egypt.
The step came within the government’s framework to implement its strategy to deepen the automotive industry and turn Egypt into a major hub in global supply chains.
Hamed noted that 13 golden licenses had been granted to companies, and that 40 requests for the license were currently under review.
The factory will provide 10,000 new job opportunities.The government aims to generalize the golden license experience for all different industries and sectors to attract more investments.
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