Haier Egypt, a subsidiary of Chinese home appliance giant Haier,, is seeking a $50 million investment to expand its production and increase exports, the company’s Egypt director, Ahmed El-Gendy, said on Monday.
El-Gendy made his remarks during a meeting on Monday with Prime Minister Mostafa Madbouly, and Minister of Investment and External Trade Hassan ElKhatib.
The company, El-Gendy, aims to produce refrigerators and deep freezers at its recently opened factory complex, located on the 10th of Ramadan city, by next September, according to a cabinet statement.
Haier Egypt has already invested $165 million in the first two production phases of its factory complex and a further $65 million in the third phase, El-Gendy added.
Haier’s production rates are growing at very good rates, he noted, adding that the company is currently exporting products from the factory to several countries and plans to expand its global presence.
Madbouly highlighted the government’s role in providing land, licensing, and incentiv
es for the company’s integrated industrial complex in the 10th of Ramadan City.
He reiterated the country’s commitment to continue to support Haier Egypt, according to the statement.
The meeting also touched upon the company’s strategies for localising production and future investment opportunities.
The first phase of the complex began operations in May 2023, with President Abdel-Fattah El-Sisi attending the opening ceremony.
Egypt’s appliance market is expected to generate revenues of $ 6.77 billion in 2024, with the number projected to grow by 9.32% annually, according to Statista, a data gathering and visualization platform.
Source: State Information Service Egypt