Minister of Investment and Foreign Trade Hassan El-Khatib met with Hicham Elloumi, chairman of Tunisian multinational Coficab, to discuss progress on the company’s new factory in the Tenth of Ramadan City, as per a statement.

The project, which focuses on manufacturing electrical cables and wiring harnesses for the automotive sector, represents an initial investment of $50 million, with future plans to expand to $88 million by 2027.

El-Khatib emphasized the government's commitment to localizing the automotive and feeder industries, viewing the sector as a key driver for attracting both local and foreign investments.

He highlighted Egypt’s strategic push toward electric vehicle production and noted that the government is focused on creating a supportive investment climate, streamlining procedures, and enhancing competitiveness.

The minister underscored Egypt’s advantages, including a skilled workforce with competitive wages and a central geographic location that offers access to markets in the Middle East, Europe, Africa, and Asia.

He reaffirmed the government’s readiness to facilitate Coficab’s entry into the market by removing bureaucratic hurdles.

Elloumi praised Egypt’s efforts to attract foreign investments, particularly in the automotive sector.

He highlighted Coficab’s global footprint and extensive experience in developing electrical and electronic systems for major automotive companies.

Elloumi also revealed that the new factory will span 30,000 square meters and aims to produce automotive cables and wire harnesses for export.

The facility’s output is projected to generate $200 million in export revenues over the next three years, bolstering Egypt’s position as a regional hub for the automotive industry.

Established in 1992, Coficab is recognized as a global leader in its field, with operations serving the needs of top automotive manufacturers worldwide.

© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).