He noted that Egypt has an investment-friendly legislative
framework, particularly for foreign investors, and a pool of skilled and
well-trained professionals ready to contribute across various sectors.
His remarks came during a meeting on Sunday at his office in
the New Administrative Capital with Engineer Ahmed Bedawi, Vice Chairman and
Managing Director of Yazaki Egypt for Electrical Systems, and his accompanying
delegation. Yazaki Egypt is a joint-stock company operating under Egypt’s
Special Free Zones system and is affiliated with the Japan-based parent
company, which runs 141 sites in 46 countries and employs 230,000 people
worldwide.
The two parties agreed to draft a cooperation protocol
focused on training and employment.
The company’s delegation confirmed that the foundation stone
for Yazaki’s first factory in Egypt was laid in January 2024. The factory,
which spans 67,000 square meters, involves an initial investment of
approximately €30 million. The entire production will be exported to leading European
automotive manufacturers, with annual exports expected to reach around €100
million. The project is set to create approximately 3,000 direct jobs and 500
indirect jobs for engineers and administrative staff.