Sumitomo Electric to invest EGP 100 mn to expand its Port Said factory

INVESTMENT WATCH- Sumitomo Electric Wiring Systems Egypt is planning to invest EGP 100 mn to expand its automotive wiring harness factory in Port Said, the company’s Managing Director Ahmed Magdy said, Al Mal reports. The Japanese-British firm recently inaugurated a new EGP 1 bn production line at its 6 October City factory, bringing the company’s total investments in Egypt to EGP 6.5 bn, Magdy notes. The company also has an “ambitious” plan to add new production lines across its facilities in Egypt, Magdy said, without providing further details.