Egypt seeks to localize various industries in partnership with private sector

Prime Minister Mostafa Madbouly visited the Haier Industrial Complex accompanied by the Minister of Trade and Industry Engineer Ahmed Samir and CEO of the General Authority for Investment and Free Zones, Hossam Heiba, as part of his inspection tour of various factories in 10th of Ramadan City. 

 

During the tour, Madbouly highlighted the significant role played by the industrial sector in driving the national economy and its potential to lead development efforts in the country. He expressed Egypt’s objective of achieving self-sufficiency in meeting domestic product demands and emphasized the importance of localizing industries through collaboration with the private sector.

 

The Haier complex has $135 million in foreign direct investments, spans an area of 200,000 square meters and encompasses six factories across two stages. The first stage, covering 70,000 square meters, includes the production of televisions, washing machines, air conditioners, and related industries. The complex aims to produce one million units annually, with 30 percent earmarked for export and 70 percent to meet local market demand. The local component is set to reach 60 percent initially and increase to 70 percent within two years. Trial operations and mass production of televisions and air conditioners commenced in March.