PM reviews progress of $300mln Haier Egypt complex

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Prime Minister Mostafa Madbouly met with Ahmed El Gendy, Chairperson of Haier Egypt, to review the next phases of the company’s industrial complex in 10th of Ramadan City. Hassan El-Khatib, Minister of Investment and Foreign Trade, and the company’s officials attended the meeting.

Madbouly emphasized the Egyptian government’s commitment to supporting Haier, a leading global manufacturer of home appliances. He highlighted the government’s role in facilitating the establishment of Haier’s integrated industrial complex by providing land, granting the golden license, and offering other incentives. The first phase of this complex was inaugurated by President Abdel Fattah Al-Sisi last May during Labor Day celebrations.

The Prime Minister stated, “We are closely monitoring the company’s efforts to implement the remaining phases of the industrial complex,” reaffirming the government’s full support for the industrial sector to achieve economic goals. He also stressed the importance of creating an investment-friendly environment to attract further investments into this promising sector.

During the meeting, El Gendy provided an update on the company’s production stages and the marketing of products manufactured in Egypt. He noted that production rates are growing healthily, with products from the 10th of Ramadan City complex already being exported to several countries. El Gendy also outlined the company’s expansion plans into more global markets, saying, “The company greatly values the support from the Egyptian government, and we are committed to exerting our utmost efforts.”

El Gendy announced that production of refrigerators and deep freezers at the newly inaugurated complex in 10th of Ramadan City is set to begin in September. He added that the first and second phases have already attracted investments worth approximately $165M, with an additional $65M allocated for the third phase. The company also targets an extra $50M investment for manufacturing other products aimed at export.

El Gendy further reviewed the latest developments in the company’s integrated industrial complex, including the central air conditioning equipment factory and the strategy to manufacture VRF (Variable Refrigerant Flow) systems in Egypt. He discussed the various production lines according to the different stages of manufacturing, leading up to the final assembly of products. Additionally, he presented several proposals to support and encourage local manufacturing and the localization of industry.

El Gendy also touched upon several upcoming projects that aim to capitalize on promising investment opportunities in Egypt. These projects will be developed in collaboration with various entities and institutions across multiple sectors.