CAIRO — President of Tanzania Samia Suhulu Hassan has laid the foundation stone for the Egyptian Industrial City in the Kigamboni district on the border of the city of Dar es Salaam in Tanzania. The city, as per an Egyptian council of ministers’ official statement, stretches over 2.2 million square meters (544 acres) and is set to contain labor-intensive industries, such as the pharmaceutical, automobile, textile and agricultural industries.

Ahmed Elsewedy, president and CEO at Elsewedy Electric, an Egyptian company, said in statements during the opening of the Industrial Complex in Tanzania that the group is supervising the implementation of this city, the projects of the Elsewedy Industrial Complex and the Julius Nyerere hydropower station, which will be built on the Rufiji River in Tanzania at a cost of $2.9 billion in cooperation with the Egyptian Arab Contractors Company.

Elsewedy revealed the details of the Egyptian Industrial City and stressed that the city targets investments of up to $400 million. He noted that the city seeks to attract at least 100 investors from various countries in the region, and that more than 50,000 job opportunities will be created for young people.

The laying of the foundation stone came after Hassan inaugurated the first phase of the Elsewedy Industrial Complex, which is located on an area of ​​120,000 square meters (30 acres) and contains several factories for cables, wires, electricity meters and transformers.