Japanese manufacturer Yazaki will begin construction of its EUR 30 mn factoryin Fayoum’s first freezone after signing land contracts with local authorities, the Local Development Ministry said yesterday.

It’s been a while coming: The Japanese company, which produces automotive components and braided cables, has been waiting on the contracts since signing an MoU with the General Authority for Investment and Freezones for the project back in April 2022. Yazaki last year became one of the first companies to be awarded a single-approval (‘golden’) license by GAFI.

The details: The contracts provide Yazaki with a 70k square-meter plot on which to build the factory, which will export auto parts worth up to EUR 100 mn a year under freezone rules. The project is expected to create some 3.5k jobs, and will be the first of six that Yazaki plans to establish across Egypt, according to the statement.

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