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Egypt’s General Investment Authority (GAFI)has signed an MOU with the Japanese Corporation “Yazaki Europe Limited” to establish a new factory for the manufacture of car components in the Fayoum Governorate.
Egypt’s General Investment Authority (GAFI)has signed an MOU with the Japanese Corporation “Yazaki Europe Limited” to establish a new factory for the manufacture of car components in the Fayoum Governorate.
Complimenting this initiative, Egyptian Prime Minister Mostafa Madbouli said that the state was working to encourage and support these efforts. Setting up the factory, he stressed, would support the Egyptian industrial sector and would provide more direct and indirect job opportunities.
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The MOU signed recently provides for the establishment of a new factory for car components in Faiyum, 62 miles southwest of Cairo. This will require a primary investment of up to €20 million.
The new factory will be situated on 60,000 square meters.
GAFI will fulfill all required procedures in coordination with competent authorities to finalize the project in the set schedule. Yazaki will export 100% of production with an estimated value of €100 million annually.
The company will also integrate up-to-date Japanese technology into Egyptian industries, turning the country into a regional investment hub for car manufacturing. The future factory is expected to generate around 3,000 jobs when fully operational in July 2023.
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