Yazaki Egypt s CEO and Governor of Fayoum signing the agreement.
The project, which will be situated in Fayoum’s investment-free zone, is expected to generate 3,500 direct and indirect employment opportunities.
Yazaki Egypt Vice President Ahmed Bedewy stated that the new factory, which will be situated on 70,000 square metres of land, will comprise a free zone, administrative buildings, and parking spaces.
Bedewy added that all the production of the new factory will be exported, contributing to Yazaki Egypt’s objective of increasing its annual exports from Egypt’s unit to 100 million euros.
The top executive revealed that the project’s construction is scheduled to commence in October 2023 and conclude in December 2024.
Yazaki, based in Japan, operates 140 units across 45 countries globally, manufacturing electric wire harnesses, car components, and electric systems. The company achieves annual sales of 12.5 billion euros, according to Bedewy.
Yazaki Egypt was granted a Golden License for the project by the Egyptian government in December 2022.
The Golden Licence permits investors to acquire or lease land and operate enterprises on it without requiring further government approvals.
The Egyptian cabinet granted Golden Licences to five projects on 19 July totaling EGP 10.2 billion ($329.34 million) in investments.
These actions align with Egypt’s commitment to enhancing the private sector’s share in the country’s GDP and transforming its economy to be primarily driven by the private sector.