Minister of Investment Sahar Nasr while opening SE Wiring Systems second factory- Press Photo
CAIRO – 10 September 2017: Minister of International Cooperation and Investment, Sahar Nasr, inaugurated on Sunday the second factory for Japanese-British firm Sumitomo Electric (SE) Wiring Systems in 6th of October city, west of Cairo, a statement from the ministry said.
The capital of the new factory, which will produce wires for vehicles, is LE 200 million, Nasr said, adding that SE Wiring Systems’ investment in Egypt is LE 5.4 billion.
Signaling foreign investors’ confidence in the Egyptian economy, Nasr said 40 percent of the factory’s job opportunities will be directed to women.
Chief operating officer of Sumitomo Europe, Kevin Phillip, said that his company has so far paid an equivalent of $65 million in salaries, while the sales registered $250 million in Egypt.
The Japanese government has contributed in financing a number of national projects in Egypt, including the construction of the Great Egyptian Museum (Phase I and II), development of Borg el-Arab airport in Alexandria and three electricity distribution companies in Cairo, Alexandria and Delta. In addition to the establishment of the new power station in the Red sea governorate of Hurghada.