Manufacturing Japan’s Sumitomo to set up $100m factory in Egypt By Pramod Kumar June 5, 2023, 5:42 AM Ministry of Trade and Industry The factory's first phase is expected to manufacture electric wiring harnesses for one million cars annually, says minister of trade and industry Ahmed Samir Work has commenced on establishing Sumitomo Electric Egypt, the new $100 million vehicle electric-wiring harness factory 10th of Ramadan, a city in the country’s Sharqia governorate. The factory will be constructed on a plot of land measuring 150,000 square metres, Ahram Online newspaper reported, citing a cabinet statement. The project includes the building of technical education training and research centres. Egypt’s commercial property sector resists economic woes Egyptian bank to support MSMEs with $260m loan The factory’s first phase is expected to manufacture electric wiring harnesses for one million cars per year, said minister of trade and industry Ahmed Samir. He added that construction is likely to be completed within one year, with the plant creating 3,500 new jobs. The factory seeks to export 100 percent of the vehicles produced, Ahmed Magdy, managing director of Sumitomo Egypt, was quoted as saying. Japan’s business group Sumitomo operates eight manufacturing plants in Port Said. The company exports around $213.97 million worth of products annually, the report said. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
