Chairman of Yazaki company, Munenori Yamada, highlighted that the electric wiring harness project in Fayoum is aimed at exporting 100% of its production to European markets, with annual sales estimated at approximately €100 million.

This statement was made during a meeting between Hassan El-Khatib, Minister of Investment and Foreign Trade, and Oka Hiroshi, Japan’s Ambassador to Cairo, along with a delegation from Yazaki, to discuss the progress of the company’s new factory for manufacturing electric wiring harnesses for cars in Fayoum.

 The meeting reviewed the latest developments in the construction of the factory, which has received the golden license as part of the state’s efforts to accelerate the project.

The factory is being built on an area of 67,000 square meters with an investment of €30 million.

The discussion also touched on the investment advantages of the Egyptian market, which influenced the Japanese company’s decision to establish the project in Egypt.

These advantages include the availability of skilled labor, competitive wages, investment incentives offered by the government for projects in free zones, as well as free and preferential trade agreements with many countries and key regional and global economic blocs.