Officials of the Japanese Sumitomo Corporation group discussed with the president of the General Authority for Investments, the General Authority for Investments and Free Zones (FATI), Hossam Heiba on the executive position of the company's investments and expansion plans in Egypt over the coming period.

The Japanese group Sumitomo Corporation specializes in the production of electric braids for cars. They discussed with Hossam Heiba the aspects of support and facilities for the company as one of the most important government partners in implementing the strategy of deepening the automotive industry and transforming Egypt into a major station in global supply chains. According to Heiba, Egypt has great investment potential and promising opportunities in various sectors, including the automotive industry. According to him, the Egyptian government has made great efforts to facilitate and accelerate procedures for registering companies, opening their headquarters in Egypt, and creating an attractive investment environment.

noted that Sumitomo Corporation Group is one of the largest manufacturers of electric car wiring harnesses in the world. It obtained the gold license to build its largest factory in the world to produce electric car harnesses on 150,000 m² under the free zone system, with investments amounting to around $100 million with the aim of exporting its products to international car manufacturers in Europe and the Middle East.