President of General Authority for Investment and Free Zones (GAFI) Hossam Heiba discussed with officials of the Japanese Sumitomo Corporation Group, specialised in producing electric braids for cars, the executive position of the company’s investments and expansion plans in Egypt during the coming period. In addition, aspects of support and facilities for the company as one of the most important government partners in implementing the strategy of deepening the automotive industry and transforming Egypt into a major station in global supply chains.
Heiba highlighted GAFI’s interest to provide all facilities to the company, especially as it supports Egyptian economy by providing job opportunities, transferring technology and increasing exports, elaborated that Egypt enjoys great investment potential and promising opportunities in various sectors, including automotive industry.
The government of Egypt made great efforts to facilitate and accelerate procedures for registering companies, opening their headquarters in Egypt and creating an attractive investment environment, Heiba disclosed.
He further noted that 13 golden licences have been granted to companies and that 40 applications for obtaining golden license are currently being studied. The government aims to generalise the golden license experience for all industries and different sectors to attract more investments.
The golden license is a combined license for all permits necessary to establish and operate projects.
Sumitomo Corporation Group is one of the largest manufacturers of electric car wiring harnesses in the world. The company has obtained the golden license to build its largest factory in the world to produce electric car harnesses on 150,000 sqm under the free zone system, with investments amounting to approximately $100m for the purpose of exporting its products to international car manufacturers in Europe and the Middle East. Additionally, the factory provides 10,000 new job opportunities.
Furthermore, GAFI’s president met with the Japanese Ambassador to Cairo Oka Hiroshi and they confirmed their keenness to enhance investment cooperation between the two countries.
Oka Hiroshi said that the success of Japanese companies operating in Egypt is considered an attractive factor for Japanese and international companies to direct more new investments into the Egyptian market. Besides, the availability of all elements needed namely energy sources, infrastructure and seaports along with government support for the development of industry sector and the launch of a national strategy to localise automotive industry.
Source : DailyNews