PM: Top priority to industry, investment incentives
Madbouly highlighted the government's continued efforts to provide more facilitation and incentives as well as remove any obstacles that may face the industrial sector, with a view to attracting further investments in this vital sector that is considered a cornerstone for achieving comprehensive development and meeting Egypt's targeted economic goals.
The premier made the remarks on the sidelines of the inauguration of a new factory of SE Wiring Systems Egypt, a subsidiary of Sumitomo Electric Systems Europe, located in the 10th of Ramadan City, Sharqia Governorate.
Madbouly affirmed the government's commitment to localizing industries and transferring cutting-edge technical technologies to Egypt across various manufacturing fields, in order to boost the competitiveness of local products and open up new export markets for Egyptian goods.
Following the inauguration ceremony, Madbouly toured the new factory to get first hand information about its manufacturing processes, production capacity and various activities.
He was accompanied by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir, Sharqia Governor Hazem el Ashmouny and Port Said Governor Moheb Habashi.
Madbouly was also accompanied by Deputy Minister of Finance for Tax Policies Sherif Elkilany, CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba and Industrial Development Authority (IDA) chief Nahed Youssef.
The inauguration ceremony of the factory was attended by Japanese Ambassador to Egypt Iwai Fumio, Sumitomo Global President and Chief Executive Officer Kenichi Urushibata alongside a host of officials of Sumitomo and Toyota companies.
With investments worth 22 million euros, the factory is built on an area of 150,000 square meters and is expected to create approximately 3,000 direct job opportunities. The facility is considered one of the largest in the world dedicated to the production of automotive wiring harnesses.
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