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Sumitomo to invest $100 million in Egypt to build world's largest electric wire factory

Egyptian government grants 13 golden licenses to companies, with Sumitomo in the lead.

By: Mohamed Zain

Tue, Apr. 11, 2023

Egyptian investment authority discusses expansion plans with Japanese firm Sumitomo

Egypt's CEO of the General Authority for Investment and Free Zones, Hassan Hamed, discussed with officials from Japanese company Sumitomo Electric Wiring Systems Inc. the company's investment plans and expansion in Egypt.

The meeting focused on ways to support and facilitate the company's growth as one of the key partners of the government in implementing its strategy to deepen the automotive industry and turn Egypt into a major hub in global supply chains.

Hamed emphasized the General Authority for Investment's commitment to providing all necessary facilitation for the company, especially as it supports the Egyptian economy by providing employment opportunities, technology transfer, and increasing exports. He also highlighted Egypt's great investment potential and promising opportunities in various sectors, including the automotive industry.



The CEO reviewed recent government efforts to facilitate and accelerate the registration and opening of companies in Egypt, creating an attractive investment environment. He noted that 13 golden licenses had been granted to companies, and that 40 requests for the license were currently under review.

The government aims to generalize the golden license experience for all different industries and sectors to attract more investments. The golden license is a comprehensive license for all necessary permits to establish and operate projects.

It is worth mentioning that Sumitomo Electric Wiring Systems Inc. is one of the world's largest manufacturers of automotive wiring harnesses.

The company has obtained a golden license to build the world's largest factory for electric vehicle wiring harnesses in a free zone on an area of 150,000 square meters, with investments of about $100 million to export its products to global car manufacturers in Europe and the Middle East. The factory will provide 10,000 new job opportunities.

Hamed also met with the Japanese Ambassador to Cairo, Okka Hiroshi, where the CEO praised the significant role played by Japanese companies in supporting the Egyptian economy, and welcomed Japanese investments in Egypt, calling for further cooperation between the two countries.