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- GAFI SIGN MoU WITH CHINESE COMPANY FOR ESTABLISHMENT OF INDUSTRIAL COMPLEX IN EGYPT
The General Authority for Investment and Free Zones (GAFI) has signed a memorandum of understanding (MoU) with the Chinese company, Haier Group Corporation, to establish an industrial complex under the investment zones system for the manufacture of household appliances and their feeding industries.
The complex will be located on an area of 200,000 square meters on the 10th of Ramadan City, with a total investment estimated at $130 million, according to a statement from the Cabinet issued Thursday.
The project will be entirely financed through foreign direct investment (FDI) and will create more than 2,000 job opportunities.
The production capacity of the complex reaches 900,000 devices annually, aimed at meeting the needs of the local market and as a center for exporting products to African and Asian countries.
The MoU stipulated that the authority would provide the necessary support for the establishment of the project under the investment zones system, and take all necessary measures with the concerned authorities to complete the project and establish it according to the implementation timetable.
Haier will introduce advanced technology into its planned project, which will contribute to Egypt’s position as an investment center for the home appliance industries, as well as attract new investors in the home appliance industry from suppliers that the company deals with for manufacturing in Egypt.
Haier is one of the world’s leading manufacturers of household appliances, and electrical and electronic appliances, and has seven international brands.
The company’s project in Egypt will contribute to strengthening Egyptian industries, by increasing reliance on the local component by up to 60 percent.
The first phase of the project includes the production of air conditioners, washing machines, screens, and complementary industries, while the second phase includes the manufacture of refrigerators and freezers.