Minister of Trade and Industry Niveen Gamea witnessed on Tuesday the signing ceremony of a cooperation protocol between the Arab Organization for Industrialization (AOI) and the IT services provider "Benya Holding" to establish the largest optical fiber cable manufacturer in Egypt, Middle East and the North African region (MENA).
Abdel Moneim al-Tarras, AOI chairman, said in a press statement that the deal comes within the framework of the organization's strategy to boost the industrial sector, localize technology and reduce imports in line with the directives of President Abdel-Fattah El-Sisi.
The plant is expected to be built on an area of 50,000 feddans in the Suez Canal Economic Zone (SCZone). It is expected to start production in the third quarter of 2021.
The annual production capacity of the project is 4 million kms of cables, while the volume of investments for the project amounts to more than EGP 1 billion.
Al-Tarras pointed out that Egypt has taken concrete steps to implement its plan for digitization, noting that the project will provide jobs for young engineers and technicians.
He added that the AOI is keen to continue production, while taking precautionary measures against the novel coronavirus (COVID-19).
On her part, Gamea added that the state pays attention to this type of modern technological industries and specialized projects, especially those that depend on global partnerships, pointing to the importance of these projects within the SCZone for its incentives and geographical location that reflects positively on the local market, encouraging exports to African and Arab markets.
The US ambassador to Egypt Jonathan Cohen and representatives of Corning Incorporated Co. witnessed the signing ceremony via virtual video conference.
It is noteworthy that Benya chose the US company Corning, the world leader in optical fibers, cables and communications solutions, as a strategic supplier of the factory.
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