Additionally, the company's products have a high percentage of local components, reaching about 55% at the start of production.
Tunisia’s COFICAB company aims to enhance Egypt’s export capacity in this field to exceed $200 million by 2027, Hichem Elloumi, CEO and Chairman of Coficab Group during his meeting with Prime Minister, Mostafa Madbouly.
Additionally, the company's products have a high percentage of local components, reaching about 55% at the start of production.
The prime minister clarified that the establishment of the company's project in the city of 10th of Ramadan is in line with the Egyptian government's strategy to bolster the domestic automobile industry.
Elloumi conveyed the company's intention to launch its project in Egypt, citing the country's favorable investment climate as a key factor attracting foreign direct investment.
He emphasized that through unifying efforts between the General Authority for Investment and Free Zones (GAFI) and COFICAB, Egypt can become a leading destination in the automotive cable industry.
Earlier in January, 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.
