Egypt, MEMSCAP Discuss Progress in $100m IT Project
The Egyptian Minister of Communications and Information, Ahmed Nazif, has discussed with John Karam, the managing director of MEMSCAP International, projects and ongoing works regarding the construction of a factory for the company in the 6 October city, 40 km to the north of Cairo, according to Al Ahram Aabic daily on Wednesday.
MEMSCAP is specialized in the design and manufacture of electronic and electromechanical circuits. The factory will be the first of its kind in the Middle East, with 100 million dollars of investments over a period of five years. It will provide 2000 job opportunities for specialized engineers and skilled laborers.
Nazif announced that MEMSCAP is currently being established in Egypt as a company benefiting from the special free zones investment law. The project is expected to start within a year from now and the Ministry of Communications and Information will provide all the technical, administrative and legal support necessary for the project. This is in addition to cooperation with the international company in the selection of the necessary qualified manpower. On its part, MEMSCAP will construct and manage the factory and allocate all the technical and human resources necessary for the successful implementation of the project and the start of actual production not later than April of next year.
The Minister indicated that this project is part of the ministry’s cooperation with international firms in an attempt to introduce advanced technological industries into Egypt and highlight the country on the industrial map in this vital field.
The project manager, Hisham Hadarah, pointed out that the project would enable the international company to export its electronic circuits’ products from Egypt to other countries. By operating from Egypt, the company will save 33 percent of manufacturing operations, and 25 percent of design costs. The work will be carried out by pure Egyptian expertise together with highly trained Egyptian manpower – Albawaba.com