Schneider Electric doubling production, increasing investments in Egypt soon
The growing number of development projects and an improved investment environment has encouraged French multinational corporation Schneider Electric to pump new investments into Egypt, said Luke Remont, executive vice president of international operations at the company.
“We are planning to double the production capacity at our factory in Egypt by June 2019,” Remont said today during a press conference in Cairo.
Remont also said that the Egyptian market is a strategic one for SE because of its capacity and potential to grow faster than any other market in the region, as well as the access it provides to other countries through free trade agreements.
“Thanks to the government's national development plan, Egypt is offering many investment opportunities in major projects, and SE wishes to scale up its investments in the country,” Remont said, adding that the main fields of cooperation include renewable energy, smart cities and sea water desalination.
“We are manufacturing in Egypt and export to other markets as well,” he said, explaining that SE exports to 12 countries in the MENA region through its factory in Egypt.
“We are going to participate in the development of infrastructure in the new cities being built in Egypt, which are considered mega projects that cater to the needs of the growing population and a growing industry,” he added.