Egypt's Minister of Investment and Foreign Trade, Hassan El-Khatib, met Oka Hiroshi, the Japanese Ambassador to Cairo, and a delegation from Japan's Yazaki Corporation for electrical wiring manufacturing. The meeting followed up on the developments of the Yazaki factory for manufacturing automotive wiring harnesses in Fayoum.
The minister stated that the meeting reviewed the progress of the factory's construction, which has been granted the golden license as part of the government's efforts to accelerate project implementation. The factory spans an area of 67,000 sqm with an investment of €30m. It will provide approximately 3,000 direct job opportunities and 500 indirect job opportunities.
El-Khatib pointed out that the meeting tackled advantages of the Egyptian market which attracted the Japanese company to build its project in Egypt. These advantages include the availability of skilled labour, competitive wages, as well as the investment incentives provided by the government for projects in free zones. Additionally, Egypt has numerous free trade and preferential agreements with many countries and major regional and global economic blocs.
Oka Hiroshi, the Japanese Ambassador to Cairo, highlighted the importance of the bilateral relations between Japan and Egypt, expressing his appreciation for the continuous support from the Ministry of Investment and Foreign Trade for Japanese investments in Egypt, as well as its backing of Yazaki's project, to produce wiring harnesses.
Munenori Yamada, Chairperson of Yazaki Europe, stated that the company is keen to establish a presence in the Egyptian market, considering it one of the most important key markets in the region.
He noted that the electrical wiring harness production project in Fayoum aims to export 100% of its output to European markets, with annual sales estimated at around €100m.
Ahmed Bedewy, Managing Director of Yazaki Egypt, mentioned that Yazaki, a Japanese company, operates in 46 countries worldwide, providing approximately 240,000 job opportunities. The company supplies automotive components to a large number of global car manufacturers.
He disclosed that the company's plans to build a factory in Fayoum align with sustainability standards, relying on green energy at all stages of production.
