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MANISA, TURKEY - MAY 14: Vestel City employees work on a washing machine production line in the Vestel City mega factory on May 14, 2018 in Manisa, Turkey. The Vestel City mega factory started operations in 1984 and is now one of the largest industrial complexes in Europe it is comprised of nine factory buildings over a total of 1.1 million square feet and employs more than 16,000 staff using the latest robotic technology to produce more than 87,000 products a day. The complex produces consumer electronics, white goods, LED lighting, digital products and smartphones primarily focused at European markets. Vestel has been the leading exporter in electronics in Turkey for the past 20 years and currently exports to 155 countries. Despite the Turkish lira at a record low against the dollar and analysts warning Turkey is heading for an economic crisis, exports to the EU increased in March by 18.2% compared to the same month last year. (Photo by Chris McGrath/Getty Images)
Beko Egypt is on track to open its $100 million plant in the 10th of Ramadan City in the fourth quarter of 2023, the company said in a press statement.
The disclosure was made in the statement announcing the meeting between Egyptian Minister of Trade and Industry Ahmed Samir and Umit Günel, General Manager of Beko Egypt in Ankara.
The plant, spread over 114,000 square meters, will have an annual production capacity of 1.5 million devices and will export 60 percent of its output to Europe, the Middle East, and Africa.
The statement noted that the project's estimated yearly export potential is $250 million.
Günel outlined Beko Egypt's ambitious plans to deepen localisation and make Egypt a global export hub for household appliances.
He said the new plant would operate with renewable energy, promoting a "Zero Waste" approach, and initially focus on producing energy-efficient refrigerators and ovens. He added that the project is expected to create over 2,000 job opportunities for Egyptian youth, while the plan to open 250 new showrooms and 50 service centres across Egypt will create more jobs.
Meanwhile, in discussions with top executives from Arcelik and Koç Holding Group, Samir expressed Egypt's desire to expand bilateral trade volume with Turkey from $10 billion to $15 billion in five years and explore using local currencies for bilateral trade settlements. He also invited Koç Holding to visit Egypt to study investment opportunities in various industries.
(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
