Madbouly explained that the Yazaki braid factory contributes to the localization of automobile component manufacturing projects in line with the national strategy for developing the automobile industry
Prime Minister, Mostafa Madbouly, held a meeting with representatives from the Japanese company "Yazaki Europe Limited" to review the progress of the car braid manufacturing project in the Fayoum Governorate. The project, which has commenced construction, involves foreign direct investments totaling €30 million.
Madbouly explained that the Yazaki braid factory contributes to the localization of automobile component manufacturing projects in line with the national strategy for developing the automobile industry.
CEO of Yazaki Europe, Hans Lemmens, confirmed that the company will export its entire production abroad with an export value of up to €100 million annually.
The project's Implementation is set to finish by the end of this year. However, production of the first phase and the initiation of exports are expected to take place in the coming months, Managing Director of Yazaki Egypt Electrical System, Ahmed Badawy confirmed.
In April 2022, a memorandum of understanding (MoU) for the establishment of a braiding factory was signed between the General Authority for Investment and Free Zones (GAFI) and the Japanese company Yazaki Europe Limited.
The Cabinet issued a decision in December 2022 to grant the company a golden license. Additionally, the Prime Minister’s Decision No. 99 of 2022 was also issued to establish a private free zone in the name of “Yazaki Egypt Electric Company” on an area of about 70,000 square meters in Fayoum Governorate.
The contract for the land allocated for the establishment of the Yazaki factory for manufacturing car braids was signed in July 2023.
