An employee counts money at an exchange office in downtown Cairo (Photo credit: Reuters/Amr Abdallah Dalsh)
CAIRO - 7 August 2023: The Industrial Development Authority (IDA) approved Monday 95,000 Square Meters for Arab Otsuka Company, a Subsidiary of the Japanese Otsuka Group, for its health supplements and medical preparations project in the Tenth of Ramadan City.
Mohamed Abdel Karim, Chairman of the IDA, stated that the expected investments for the project exceed LE 1.2 billion to produce health supplements using the latest global technologies.
He added that the IDA is ready to provide all forms of support and assistance to enable the company to start its project as soon as possible.
He further explained that the flow of investment requests from local and foreign companies confirms Egypt's ability to attract major global companies, given the favorable investment climate, in addition to the facilitation and investment incentives recently approved by the Authority, including service digitization, streamlined procedures, reduced timelines for licensing and industrial registration, and the development of land allocation mechanisms.
Ahmed Zaghloul, Chairman of the Board of Directors of the new Arab Otsuka Factory, stated that the Japanese Otsuka Group chose Egypt to implement its massive project after a year-long in-depth study. This decision was influenced by Egypt's political and economic stability, along with its current investment climate.
He revealed Arab Otsuka Company's intention to export its health supplements to Middle Eastern countries and introduce them to the local market. The factory will operate with the latest global capabilities, relying on clean energy sources.