Sumitomo injects new investments worth $100 million after obtaining the Golden License, and provides 10,000 new job opportunities.
Mr. Hossam Haiba, CEO of the General Authority for Investment and Free Zones (GAFI), discussed with officials of the Japanese company “Sumitomo" for the production of wiring harnesses for cars, the executive position of the company's investments and expansion plans in Egypt during the coming period. Furthermore, they discussed the aspects of support and facilities provided to the company, as it is one of the most important government partners in implementing the strategy of deepening the automotive industry and transforming Egypt into a major station in global supply chains.
Mr. Hossam Haiba stressed GAFI keenness to provide all facilities to the company, especially that it supports the Egyptian economy through providing job opportunities, transferring technology, and increasing exports. He pointed out the great investment elements Egypt enjoys and the promising opportunities in various sectors, among which the automotive industry.
GAFI CEO reviewed the recent efforts exerted by the government to facilitate and accelerate the procedures for registering companies, opening their headquarters in Egypt, and creating an attractive investment environment. He indicated that 13 golden licenses have been granted to companies and 40 applications submitted to obtain the golden license are currently being assessed, and that the government aims to disseminate the golden license experience among all industries and different sectors to attract more investments. The golden license is a comprehensive license for all permits necessary to set up and operate projects.
It is noteworthy that "Sumitomo" is one of the largest manufacturers of electric wiring harnesses for automobiles in the world. The company has obtained the golden license to build its largest factory in the world to produce electric automobile harnesses on an area of 150,000 square meters under the free zone framework, with investments amounting to about 100$ million to export its products to international car manufacturers in Europe and the Middle East. The factory provides 10,000 new job opportunities.
Mr. Hossam Heiba also met with the Japanese Ambassador to Cairo, Oka Hiroshi, as GAFI CEO praised the great role played by the Japanese companies in Egypt, especially with regard to technology transfer and supporting sustainable development. The two sides assured their keenness to enhance investment cooperation between the two countries.
The Japanese ambassador said that the success of Japanese companies operating in Egypt is considered an attractive factor for Japanese and international companies to pump more new investments into the Egyptian market. In addition to the fact that all investments elements are available starting from energy sources, infrastructure and seaports, beside the government support for the development of the industrial sector and its launch of a national strategy to localize the automobile industry.
