CAIRO – Egyptian Minister of Investment and Foreign Trade Hassan el-Khatib said the Haier environmentally friendly industrial complex project is among the most prominent success stories of Chinese companies in Egypt.
The project has received great attention and support from the Egyptian government and political leadership, with a view to removing all the challenges facing the project and granting it the Golden License, he added.
President Abdel Fattah El Sisi inaugurated the project last May.
During laying the foundation stone for the second phase of the Haier Industrial Complex in 10th of Ramadan on behalf of Prime Minister Moustafa Madbouli Monday, the minister of investment and foreign trade said, Haier Electric Egypt is the first Chinese company to obtain the golden license and has become a role model for foreign companies looking forward to tap the Egyptian market.
He said the company is currently expanding its investments worth dlrs 40 million to produce central air conditioning system on an area of 40,000 meters, thus reflecting the confidence of the Chinese investor in investing in Egypt, as well as Egypt’s great importance as a major market in the Middle East and Africa.
Zeng Zanrong, Secretary-General of the Chinese Communist Party in Qingdao and member of the Central Committee of the Party in Shandong Province and Chinese ambassador in Cairo Liao Liqiang took part in the ceremony.
The minister of investment voiced hope that this important project will contribute to attracting more companies working in the industries that feed home appliances and export from Egypt to all global markets and benefit from free trade agreements signed between Egypt and major economic entities including the US, the European Union, the COMESA, along with Arab countries.
Khatib pointed out that Egyptian-Chinese relations are strong historical relations dating back to 1956 and the Egyptian government pays great attention to supporting Egyptian-Chinese economic and investment cooperation, together with attracting more Chinese investments, especially in the field of technical and engineering industries, home appliances, and other industries that contribute to the transfer of modern technology, creating more job opportunities and providing added value to the Egyptian economy.
He said the event comes in light of the two countries celebrating the 10th anniversary of signing of the Comprehensive Strategic Partnership Agreement; the most prestigious political agreement, as per the deal the two countries work to enhance cooperation in the economic, political and cultural fields.
This year is the year of partnership and development between Egypt and China, Khatib said, noting that the two countries will hold many events in the various fields at the economic, political, cultural, social and tourism levels.
He further pointed out that Egyptian-Chinese cooperation is extremely important within the framework of the “Belt and Road Initiative” announced by Chinese President Xi Jiping in 2014, especially for establishing industrial and logistical projects that benefit both peoples and facilitate the process of trade and investment between the two sides.
The first phase of the project was inaugurated last May in the presence of President Abdel Fattah El Sisi, as the project includes three main sectors: the first phase includes air conditioners, televisions and washing machines. The investments of the second phase – for which the foundation stone was laid – amounted to approximately dlrs 40 million. The area of this phase is 50 thousand square meters to cover two main sectors, which are refrigerators and freezers. The production capacity of this phase is planned to reach 300 thousand units.
Laying the foundation stone for the second phase of Haier’s smart eco-friendly complex project in Egypt is a major step in Haier Smart Home’s contribution toward providing smart home solutions to more consumers in Egypt.
The project is an important step to meet the needs of the Egyptian local market and create job opportunities for about 1,000 employees of the best qualified cadres in the supply chain. It is also an opportunity to transfer global expertise to the local market and contribute effectively to supporting localization of the industry and upping export operations.
This event is also a prominent event that enhances the expansion strategy of Haier International in the Middle East and Africa markets; thus enhancing its global position.
