Dr. Nasr: “The new factory reflects confidence in the Egyptian economy … New investment zones to be established”.
On 10 September 2017, the Minister of Investment and International Cooperation Dr. Sahar Nasr inaugurated the second factory of the British-Japanese “SE Wiring Systems Egypt S.A.E” in the 6th of October City to produce electric wires for vehicles. The company is affiliated to the Japanese Sumitomo Electric Wiring Systems (SEWS), a leading company in delivering electric wiring for automobiles, given that the investments of SE Wiring Systems Egypt reached approximately EGP 5.4 billion and the capital of the new factory amounted to about EGP 200 million.
The inauguration was attended by the Governor of Port Said Maj. Gen. Adel Ghadban, the Japanese Ambassador to Cairo Mr. Takahiro Kagawa, and Director and Chief Business Officer at SEWS (Europe) Mr. Kevin Phillips.
Dr. Nasr stated that the factory reflected confidence in the Egyptian economy and was considered one of the tangible outcomes of the economic reform program, adding that the factory would also provide women with about 40% of job opportunities. The Minister thanked all development partners for their role in supporting investments in Egypt, which would contribute to increasing productivity, providing job opportunities, increasing modern technology and developing workers’ skills.
The Minister further explained that MIIC aimed to provide an adequate investment climate that attracts the private sector, which would, in turn, contribute to injecting foreign investments that include the state-of-the-art technology. She noted that the best way to cut prices was to increase investments in Egypt.
In addition, the Minister mentioned that MIIC worked on developing free investment zones and on providing investors with all necessary infrastructures, besides establishing a new investment zones that can accommodate the large number of investors. MIIC also worked on improving standards of living, added Dr. Nasr, who emphasized that success would not be attainable without a strong partnership between the public and private sectors, the civil society and development partners.
The government worked on the legislative framework to eliminate any obstacles facing investors, indicated Dr. Nasr.
On his part, Maj. Gen. Ghadban reiterated that the second factory was an evidence that Egypt attracts investments, commending the Minister’s efforts in fostering an adequate investment climate.
As for the Japanese Ambassador, he asserted that Japan worked on increasing its investments in Egypt to support the Egyptian economy.
Mr. Pillips, on the other hand, clarified that SEWS invested approximately USD 100 million in Egypt, besides paying salaries worth USD 65 million in the local currency, in addition to its sales which exceeded USD 250 million so far. He added that Port Said’s factory included approximately 3000 workers, referring to SEWS’s aspirations to work in Egypt during the upcoming period and to increase the volume of its investments.
Mr. Ahmed Magdi, Managing Director of “SE Wiring Systems Egypt S.A.E”, explained that the factory worked on producing electric wires.