Egypt’s Minister of Trade and Industry Ahmed Samir on Sunday discussed in a meeting with Hakan Bulgurlu, the CEO of Arcelik, one of the world’s biggest home appliance makers, the Turkish company’s plans for expanding its business in Egypt.
During the meeting, the industry minister said the government is keen on encouraging foreign companies to inject new investments, especially in light of the conducive business environment in the country.
Samir added that he and Bulgurlu reviewed a project to be launched by Arcelik in Egypt at the end of 2023 to manufacture home appliances, with total investments worth USD 100 million and annual production capacity of 1.5 million household appliances. The project is expected to provide 2,000 direct job opportunities.
The trade minister explained this project aims to meet the local market’s needs, noting the Turkish company targets making Egypt as a hub for manufacturing and exporting its products to foreign markets.
Samir stated the government is keen to remove all obstacles facing investors, with a view to luring foreign investments that satisfy the local market’s needs and export to regional markets, especially in light of several free and preferential trade agreements signed between Egypt and a large number of countries, as well as major regional and global economic blocs.
On his part, Bulgurlu said Arcelik seeks to increase its presence in the Egyptian market to become a regional center for the manufacture of household appliances and their feeding industries.
He added Arcelik currently considers starting the second phase of investment in air conditioners and TVs, pointing out the rest of Koç Holding companies have plans to invest in Egypt in the fields of industrial engines, electric car chargers, financial technology, tourism, health care, energy and the automotive industry.
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