Madbouly signs a memorandum of understanding to produce electric braids for cars in Egypt


On Wednesday, Prime Minister Mostafa Madbouly attended the signing ceremony of a memorandum of understanding between the General Authority for Investment and Free Zones (GAFI) and the Japanese Sumitomo.

The agreement aims to establish a factory for the manufacture of electric braids for cars, on an area of ​​150,000 square meters in the city of the 10th Ramadan.

The signing took place in the presence of Japanese Ambassador to Cairo Oka Hiroshi, Mirsha Serbo, Chief Operating Officer of Sumitomo Europe Limited and Deputy General Manager of the company Rudi Rudolph.

The MoU was signed by FATF Executive Director Mohamed Abdel Wahab and Sumitomo Egypt Managing Director Ahmed Magdy.

Prior to the signing, Madbouly expressed the government’s appreciation for the company’s intention to increase its investment in Egypt, through the establishment of a new automotive braid manufacturing plant, and the goal of the company to increase the export rates of its products abroad and provide new job opportunities,

He underscored the government’s readiness to provide full support and necessary facilities to establish and operate this plant, in line with what the government recently approved new incentives and procedural facilities for investors aimed at setting up the industry and transferring modern technical technologies in Egypt. .

Ahmed Magdy said the implementation of the project will take a year and a half and it is expected to start operating by the end of 2023. It is expected that the entire production of the new plant will be exported to abroad, which will help increase the pace of Egyptian exports.

In addition, the Egyptian cabinet approved a draft decision by President Al-Sissi to redraw the eastern border of Cairo to include some areas of the new administrative capital and its extension.

The cabinet also approved a draft presidential decision on the allocation of 21 state-owned areas in the governorates of Matrouh, Beheira, Suez, the Red Sea, South Sinai and Ismailia, to establish water desalination plants. seawater until 2050.

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