Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Sumitomo Electric to establish 2nd factory in Egypt worth of EGP200m
Governmental programme for supporting exports is reason behind establishment, says Minister of Industry and Trade
Hisham Salah Published in Daily News Egypt on 21 - 12 - 2016

Japanese company Sumitomo Electric Industries will invest in Egypt through establishing a factory in 6th of October City with a total investment of EGP 200m. The factory will specialise in producing wire cables systems, according to a statement from the Ministry of Industry and Trade on Wednesday.
The factory would produce electric braids, as part of the company's plans to expand its investments in the Egyptian market.
The statement said that the factory will create almost 1,000 jobs, and will start operating within three months.
Minister of Industry and Trade Tarek Kabil said during a meeting with COO of Sumitomo Europe Kevin Phillips that the company's decision to invest in Egypt was a fast, positive reaction to the ministry's commitment to the successful governmental programme of supporting exports announced in April. The programme provides 50% more subsidies for any company that increases its exports by 25% in the engineering, chemical, food, and textile industries.
Kabil said that the subsidies should be provided to the company within 10 days after the company provides its order statement to the Export Development Fund.
The programme is aimed at increasing the competitiveness of Egyptian products, attracting investors, and targeting new markets, he noted.
He added in the statement that the company's new factory is the second one in Egypt, adding that the first factory faced problems which caused it to shut down. However, it was easy to restart the old factory's production with a new investor.
On the other hand, Phillips said that the reforms Egypt has implemented are the best motivation for new investments from the biggest companies in the world. He added that the company must benefit from exporting through the Suez Canal area, because it has a lot of companies in Asia.
The statement shows that the company's exports increased by 89% worth of €26.1m from 1 April to 30 September, compared to €13.8m in the same period last year.

Clic here to read the story from its source.