According to a cabinet statement on Thursday, the new Sumitomo Electric Egypt factory will be constructed on a total area of 150,000 square metres.

The overall project also includes the construction of a technical education training centre and a research centre.

The first phase of the factory is expected to manufacture electric wiring harnesses for one million cars annually and export 100 percent of production, according to Samir.

Construction is set to be completed within one year and the plant will create 3,500 new jobs, Samir added.

The factory seeks to export 100 percent of the production, according to Ahmed Magdy, managing director of Sumitomo Egypt.

The Japanese giant Sumitomo is among the biggest manufacturers in Egypt.

It operates eight factories in Port Said, six in the 6 of October and the 10th of Ramadan cities.

The company employs 12,000 employees in Egypt and exports around €200 million worth of products annually.