The largest factory manufacturing optical fiber cables in Egypt, Africa and the Arab world with investments exceeding one billion LE will be established in the Suez Canal economic zone, following the signing of a cooperation agreement between Benya Capital and the Arab Organization for Industrialization.
The signing ceremony was attended by Minister of Communications and Information Technology Amr Talaat, Minister of Trade and Industry Nevin Gamei, the President of the Suez Canal Economic Authority Yehia Zaky, and the President of the Arab Organization for Industrialization Abdel Moneim al-Terras.
According to Terras, this industrial edifice will provide both job opportunities for young engineers, technicians and training opportunities for the latest technologies in accordance with the fourth industrial revolution’s standards.
He added that the Organization for Arab Industrialization through this project aims to establish a national industry meeting the local market’s needs of advanced technological infrastructure for networks and communications.
Zaky meanwhile said that the factory aims to create real development in its field and attract local investments, thereby fulfilling the state’s vision for the Suez Canal economic zone.
US ambassador to Cairo Jonathan Cohen also participated in the event through a video conference, alongside representatives of US firm Corning Incorporated.
Benya Capital, a pioneer in the field of communications and information technology solutions and services and technological infrastructure in Egypt and the region, had previously announced its partnership with the Arab Organization for Industrialization to establish this fiber optic cable factory.
Edited translation from Al-Masry Al-Youm