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 Eng. Rachid Mohamed Rachid, Minister of Trade and Industry, opened on Tuesday the 17th of February 2009 in lieu of the Prime Minister, a new factory for low voltage electrical nets in the 10th of Ramadan City in cooperation with the Egyptian-Swiss company with LE300 million investments and provides 700 job opportunities. The factory's annual production reached LE600 million; part of it will be allotted to the local market and the rest will be exported to English, Irish, Cyprus, Emirates, Tanzanian, Syrian and Jordanian markets. Rachid confirmed that the foreign investors are interested in investing in Egypt in spite of the financial crisis because of their trust in the Egyptian investment.
Eng. Amr Assal, IDA Chairman pointed out that the number of the industrial projects in 10th of Ramadan hits 1206 project with an annual production value of LE59.4 billion, investment costs of LE24 billion and employing 151.000. Assal added that ABB Company for Electrical industries works in Egypt since 1924 with Egyptian-Swiss investments; in addition it is one of the largest global companies in manufacturing electric low voltage equipments with the latest techniques.
On his side, Eng. Nasim Youssef, the Regional Manager for ABB Company indicated that in spite of the financial crisis, the company continues its investments in Egypt.
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