Egypt, Japan mull collaboration in industry, transport sectors
Updated 10/10/2024 10:57:00 AM
Arab Finance: The Minister of Industry and Transport Kamel El-Wazir has met the Japanese Ambassador to Egypt Oka Hiroshi to probe cooperation between Egypt and Japan in the industry and transport sectors, as per a statement.
El-Wazir has also met with a delegation from the Japanese automotive component manufacturer Yazaki Group to review the company’s future plans in Egypt.
They also discussed ways of boosting the firm’s investments in the Egyptian market.
The meeting touched upon updates regarding the implementation of the company’s electric wiring harness project in Fayoum with foreign direct investments of €30 million.
The factory aims to export 100% of its production to global automotive companies in Europe, with annual sales estimated at €100 million.
It also seeks to create around 3,000 direct job opportunities and 500 indirect ones.
The factory is expected to start operation by March 2025.
Moreover, the Japanese company plans to set up a logistics services center on a 5,000-square-meter area.
During the meeting, El-Wazir expressed the government's interest in cooperating with Japanese companies in the green industries projects, including new and renewable energy production equipment and components, such as solar panels, wind turbines, and green ammonia.
For his part, Yazaki’s Chairman Munenori Yamada revealed his company’s intention to establish new factories in Egypt and forge partnerships in the green economy sector.
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