Yazaki, a Japanese electronic car components manufacturer, signed contracts with the Fayoum Governorate for land to build a EUR 30 million (EGP 1 billion) “first of its kind” factory in the Fayoum Free Investment Zone.
The project will “directly and indirectly” create about 3500 jobs for the people of Fayoum, Minister of Local Development Hisham Amna said, according to a statement published by the Egyptian cabinet on Facebook on 24 July.
The factory will be built on an area of 34,000 square meters, with construction starting in October of this year and scheduled to finish in December 2024. Besides the factory, there will be a free zone, administrative buildings, and transportation waiting area for employees and products, on a total area of 70,000 square meters.
The company will export 100 percent of its production with a target of EUR 100 million (EGP 3.4 billion) a year in revenues, according to vice president of Yazaki Egypt, Ahmed Bedewy, who thanked the governor of Fayoum, Ahmed Al-Ansary, for his “fruitful and constructive cooperation” with company officials.
Yazaki had obtained the “golden license” for the project, a license created in 2017 and provided by the government of Egypt to fulfill all the necessary paperwork at once.
Yazaki, a family business currently run by the third generation, is “the world’s largest producer of wiring harnesses,” according to its website. The company manufactures electrical car components and has 141 locations in 45 countries. It was founded by Sadami Yazaki, who began selling electrical wires for automobiles in 1929.
The Fayoum Free Investment Zone was created by presidential decree in October 2022.
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