Saturday, April 20, 2024
Today's News
Saturday, April 20, 2024
Today's News

Global electronic manufacturers expanding into Egypt

Global electronic manufacturers expanding into Egypt

A number of international manufacturers are developing manufacturing facilities as well as increasing in Egypt, infusing countless bucks on the market, chief executive officer of the General Authority for Financial Investment and Free Zones (GAFI) Hossam Heiba specified during a meeting with Prime Minister Mostafa Madbouly.

Chinese customer electronics supplier OPPO is intending to spend $20 million in constructing a new manufacturing facility in Egypt to produce 4.5 million smart devices annually and create 650 work, Heiba said.

He added that house appliances company Haier is preparing to implement a new task in Egypt worth $135 million, while Turkish appliance as well as customer electronic devices brand name Beko has actually established a subsidiary in Egypt to develop a factory in the 10th of Ramadan City on 114,000 square metres worth $100 million.

In addition, Heiba revealed that the South Korean electronic devices supplier LG Corporation is readied to expand in Egypt with a brand-new refrigerator factory worth $200 million.

The Egyptian federal government is taking different measures to create a much better setting for investors, including launching initiatives to help with bureaucratic procedures, consisting of the gold licenses.

A golden license gives detailed authorization of the configuration, procedures, and management of a project, including structure licenses as well as the allotment of the needed realty.

Recently, President Abdel-Fattah El-Sisi released decree No. 141 of 2023 to develop the Supreme Council For Investment.

The council will certainly be presided over by the head of state. Participants of the council consist of the prime minister, priest of defense and army production, guv of the reserve bank of Egypt, priest of justice, preacher of planning as well as economic advancement, and priest of worldwide collaboration.

Last Updated: 17 April 2023

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