Egypt extends Eni's oil and gas concession in Suez Gulf, Nile Delta to 2040    Egypt, India explore joint investments in gas, mining, petrochemicals    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egyptian pound inches up against dollar in early Thursday trade    Singapore's Destiny Energy to invest $210m in Egypt to produce 100,000 tonnes of green ammonia annually    Egypt, South Africa discuss strengthening cooperation in industry, transport    Egypt's FM discusses Gaza, Libya, Sudan at Turkey's SETA foundation    UN warns of 'systematic atrocities,' deepening humanitarian catastrophe in Sudan    Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    Egypt launches 3rd World Conference on Population, Health and Human Development    Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM    Egypt's TMG 9-month profit jumps 70% on record SouthMed sales    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Latvia sign healthcare MoU during PHDC'25    Egypt, India explore cooperation in high-tech pharmaceutical manufacturing, health investments    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    Egypt releases 2023 State of Environment Report    Egyptians vote in 1st stage of lower house of parliament elections    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    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.