Wednesday 27 Nov
Engineer Hassan El-Khatib, Minister of Investment and International Trade, met with Hisham Elloumi, Chairman of the Board of Directors of the global company COFICAB, a leading Tunisian company in the design and manufacturing of electrical cables and harnesses for automobiles. The meeting focused on the progress of COFICAB's planned $50 million factory in Egypt's Tenth of Ramadan City.
The Minister emphasized the Egyptian government's commitment to localizing the automotive industry and its supply chain. This strategy aims to attract foreign investment, boost exports, and position Egypt as a hub for electric vehicle manufacturing. The government is committed to supporting companies like COFICAB by streamlining regulations and providing incentives.
El-Khatib highlighted Egypt's
competitive advantages, including a skilled workforce, competitive wages, and a
strategic geographic location as Egypt facilitates access to countries in the
Middle East, Europe, Africa, and Asia.
For his part, the Chairman of the
Board of Directors of COFICAB Hisham Elloumi, appreciated the measures and
policies adopted by the Egyptian government, especially in the automotive
sector, which will attract more foreign investments. He noted that COFICAB is one
of the largest Tunisian and global industrial companies in the field of
developing and manufacturing electrical and electronic systems, and deals with
major global automotive companies in this field.
Elloumi stated that the company was established in 1992 and is working to establish a factory for manufacturing automotive harnesses and wires in the Tenth of Ramadan City, on an area of 30,000 square meters, with total investments of about $50 million in the first phase, with a total investment of $88 million by 2027. The factory is expected to generate $200 million in annual exports within three years.
