With an investment of 30 million euros.. Signing land contracts for the first foreign factory in the Fayoum investment zone

Today, Major General Hisham Amna, Minister of Local Development, witnessed the signing of the land contracts allocated for the establishment of the first entirely foreign factory, in the first free investment zone in Fayoum Governorate, which obtained the golden license from the Council of Ministers, and the Japanese Yazaki Company, which obtained the golden license from the Council of Ministers.

Investment opportunities

The signing of the contracts between Fayoum Governorate and Yazaki Company comes within the framework of the state’s unremitting efforts to promote all promising investment opportunities in the Fayoum governorate, to consolidate the bonds of fruitful cooperation between Egypt and various countries of the world, and to open new areas for investment and advance the economy.

For his part, Major General Hisham Amna, Minister of Local Development, stressed the interest that the ministry attaches during the current period to the file of local economic development, improving the investment climate at the governorate level, and assisting it in how to attract investments and promote investment opportunities. 

Investment opportunities

The Minister of Local Development said that there is a periodic follow-up throughout the week for Dr. Mostafa Madbouly, Prime Minister, on this vital and important file, in implementation of the directives of the political leadership, especially with regard to implementing the decisions of the Supreme Investment Council, which is chaired by the President of the Republic, and following up on the implementation of the Council's decisions.

Major General Hisham Amna referred to the ministry's efforts to develop all investment departments in all governorates and to train and qualify the workers in those departments, pointing to the ministry's cooperation with the governorates in listing investment opportunities on the territory of each governorate so that there is a clear map of those opportunities to help the governorates in promoting them internally and externally.

Increasing investments

The Minister of Local Development affirmed the ministry's support for the competitive advantages of the governorates and work to enhance them and support resources to contribute to increasing investments, pointing out that this project is the first of the decisions of the Supreme Council for Investment and the golden licenses granted by the state to a number of investors and companies in recent weeks, praising the efforts of the General Investment Authority in supporting investment opportunities Ali.

For his part, Engineer Ahmed Bedaiwi, Vice President of Yazaki Company, thanked the Governor of Fayoum for his fruitful and constructive cooperation with the company’s officials, pointing out that the Japanese Yazaki Company has 140 branches in 45 countries worldwide to manufacture electrical wiring and components of electronic systems for cars, with annual sales amounting to 12.5 billion euros. It will be the starting point for establishing 5 other factories for the company in Egypt.

30 million euros

Engineer Ahmed Bedaiwi added that the factory will be built on an area of 70,000 square meters in the Kamal facility area of the Fayoum center, at a total cost of 30 million euros.

It includes a factory, a free zone, administrative buildings, and car parking sites for transporting workers and products, indicating that 100% of the factory’s products will be exported, and it is targeted that the value of the company’s exports reach 100 million euros annually, in addition to the introduction of new and innovative Japanese technology, which enhances Egypt’s chances of becoming a regional investment center for the automotive industry.