I wonder what is the story of the car cables factory that will be operating in Egypt soon? Will it be with local investments or a global partnership, and what will be the benefit from it, and what will it be able to provide for the local market? We will tell you all the details in this video, so follow us until the end.
In the last hours, Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade, met with Hisham Al-Loumi, President of the International Coffee Cup Company, a leading Tunisian company in the field of designing and manufacturing electrical cables and braids for cars, with the aim of reviewing the developments of establishing a factory for the company in the city of 10th of Ramadan. With investments of 50 million dollars.
Hence, the minister said, the Egyptian government is very interested in localizing the automobile industry and its feeding industries in Egypt, as it is one of the most important vital sectors in the Egyptian market, and the goal of this step is to attract more local and foreign investments, and also to increase Egyptian exports.
Of course, all of this comes within the Egyptian state’s strategy to support the localization of the automobile industry, especially electric cars, so that the expertise and direct foreign investments of companies with great experience in this field are benefited from.
We can also say that the Egyptian market enjoys distinct investment capabilities and opportunities, making it an attractive destination for local and foreign investments, and the government is also keen on improving the business environment and facilitating procedures, with the aim of enhancing Egypt’s competitiveness as a major destination for investment and trade in the region.
Also, the government is committed to providing all means of support to the company that will implement the car cable factory, and will overcome all obstacles and facilitate the procedures for establishing and operating its project in Egypt as soon as possible.
Also, the Egyptian market is now distinguished by many investment components, including the availability of qualified workers with competitive wages. Egypt also enjoys a strategic geographical location, located in the middle of the continents of the world, and this facilitates access to the countries of the Middle East region and the continents of Europe, Africa and Asia.
For this reason, Coffee Cup Company is interested in facilitating the measures and policies taken by the Egyptian government, especially in the automotive industry sector, which would attract more foreign investments, and this is because the company is one of the largest Tunisian and international industrial companies in the field of developing and manufacturing electrical and electronic systems. It deals with major international car companies in this field.
This company has a long history in manufacturing automobile braids and cables, because it was founded in 1992, and is currently working on establishing a factory to manufacture automobile braids and cables in the 10th of Ramadan City, on an area of 30 thousand square meters, with a total investment of about 50 million dollars as a first phase, to reach 88 One million dollars by 2027, to reach an export volume of 200 million dollars over the next 3 years.
