Egypt’s Minister of Investment and International Cooperation, Dr Sahar Nasr, has inaugurated two factories owned by Japan’s Sumitomo Corporation in the Port Said Free Zone on the Mediterranean coast.
According to an Arabic-language statement by the ministry, Nasr visited both facilities on 17 March, 2019 in the presence of Adel al-Ghadban, governor of Port Said, and Mohamed Abdel Wahab, executive vice president of Egypt's General Authority for Investment and Free Zones.
The factories were built by Japan's Sumitomo Electric Wiring Systems with total investments of $200m. Ahmed Magdy, president of Sumitomo Egypt, said the group is currently providing 12,000 jobs in Egypt with investments exceeding $863m.
Sumitomo, which exports to various countries including the UK, France, Italy, and Russia, is also looking to increase its total investments in Egypt over the 2019-20 financial year, according to the ministry's statement.
Petroleum services is one of Port Said Free Zone’s most active industries, alongside chemicals, ready-made garments, construction supplies, and navigational services.
During the same visit, Nasr also inspected a plant owned by Indian petrochemicals giant TCA Sanmar.
Sherif Al-Menoufy, the company’s chief executive officer, explained that the facility, worth $1.5bn, marks the largest Indian investment in the country. It follows TCA Sanmar's investment of $300m in an expansion drive over the past two years.
News of Sumitomo's plant comes six months after it teamed up with Saudi Aramco to invest in a refinery at Petro Rabigh. The deal came as part of the $50bn (SAR187.6bn) agreements signed at the Future Investment Initiative summit in Riyadh last October.