Japan’s Yazaki, the global automotive parts supplier, is set to build a factory in Egypt’s Fayoum worth of $33.3 million, said the Ministry of Local Development on Tuesday.
The company signed land allocation contracts with the Governor of Fayoum for the construction of the new factory.
The project will be the first fully foreign factory in the investment-free zone of Fayoum. It will also provide around 3,500 direct and indirect job opportunities.
The project’s implementation comes in line with Egypt’s vision for 2030 of achieving sustainable development goals.
The vice President of Yazaki Egypt Ahmed Bedewy said that the factory’s production will be exported and that the company is targeting annual exports worth 100 million euros.
Bedewy said that the choice of Egypt as the destination to expand their projects was due to the development in the country in the infrastructure and logistics sectors.
He also said that the construction will start in October, to be complete in December 2024, and that production will start in July 2024.
