Egypt’s Prime Minister Moustafa Madbouli met on Tuesday with General Manager of Haier Egypt, Ahmed el-Gendy, to review the next phases of the 10th of Ramadan industrial complex.
Minister of Investment and Foreign Trade Hassan el-Khatib attended the meeting. The prime minister stressed that the government is keen to support local and foreign investors, granting them a raft of facilities and incentives to launch their businesses.
Madbouli said that the government has provided the land and the golden licence for the establishment of the Haier’s integrated industrial complex in 10th of Ramadan City, which was inaugurated by President Abdel Fattah El Sisi last May during Labour Day celebrations.
The prime minister emphasised that the state is committed to assisting the company to complete the remaining phases of the industrial complex, with a view to fostering industrial sector growth and creating an attractive investment environment.
Haier chairman Ahmed el-Gendy briefed the prime minister on the economic status of the company, noting that production rates are growing well and the company’s products are being exported to several countries.
El-Gendy reviewed plans for the company’s expansion in global markets.
He also disclosed that the company will produce refrigerators and deep freezers at the newly opened 10th of Ramadan factory next month.
Gendy said that Haier has allocated investments worth $165 million for the first two phases and $65 million for the third phase, with an additional $50 million targeted for manufacturing new appliances for export.
He also posted the prime minister on work progress done to date in central air conditioning factory, the company’s strategy for manufacturing VRF systems in Egypt, and various production lines.
He outlined future projects to capitalise on promising investment opportunities in Egypt, in coordination with various entities.
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