Egypt's Minister of Industry and Transport, Kamel Al-Wazir, witnessed the signing of a contract between Cairo for Investment and Development (CID) and Leoni Egypt to establish a factory for the production of automotive electrical harnesses. The facility will be established on a 13,000-square-metre plot of land in Al-Robeky City with investments of €40 million. It is expected to create approximately 3,000 direct and indirect jobs, as per a statement published by the ministry on Wednesday. It will also boost Leoni Egypt's export capabilities significantly, with the company aiming to increase its exports from Egypt by 50 per cent to reach €240 million annually by 2026. Leoni Egypt plans to complete construction and begin production at the plant within a year, with the Ministry of Industry and Transport hopeful that it will be a positive start for future projects benefiting the Egyptian economy and the company. Al-Wazir assured the ministry's keenness to providing all support and assistance to global companies, especially German companies, to overcome any challenges they may face and to provide significant facilitation in obtaining industrial licenses. Attribution: The Egyptian Cabinet statement Subediting: M. S. Salama
