Minister of Investment and International Cooperation Sahar Nasr has announced that the number of projects being developed in Port Said Public Free Zone reaches 1,090 developments, with a combined capital of USD 12.5 bn and USD 2.5 bn worth of foreign direct investments (FDIs), Invest-Gate reports.
This came during the inauguration of two new factories on March 17 affiliated to Japan’s Sumitomo Corporation in the Port Said free zone, with FDIs amounted to USD 200 mn, according to a recent ministerial statement.
The inauguration was attended by Port Said Governor Adel Al Ghadban, Executive Vice President of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab, and Chairman of Sumitomo Egypt Ahmed Magdy, who briefed the minister on the economic activities of the mother company – one of the biggest six economic businesses in Japan specialized in the electronics industry, according to a recent ministerial statement.
Magdy underlined that Sumitomo, whose total investments in Egypt stand at USD 15 bn, aspires to boost its investments in the country during FY 2019/20. He added that a new plant will soon be established in 6th of October City, west Cairo, with investments worth USD 200 mn and nearly 3,500 job opportunities, according to the statement.
Meanwhile, Nasr has toured a number of other developments in the Port Said free zone, including the factory of the Indian-based TSC Sinmar Group, whose investments in Egypt are estimated to surpass USD 1.5 bn.