Egypt’s General Authority for Investment and Free Zones (GAFI) has signed an MoU with Chinese consumer tech brand Haier to set up an industrial complex.
The complex will be housed in a 200,000 square meters area in the Tenth of Ramadan City and will have the company invest around $130 million in FDI.
According to the reports, Haier will manufacture household appliances in this complex and set up industries as a part of the supply chain. The industrial complex is expected to create over 2,000 new job opportunities and will have a capacity of 900,000 devices annually.
This project’s first phase will include producing air conditioners, washing machines, screens, and complementary industries. At the same time, refrigerators and freezers will be a part of the second phase.
These products will be available for domestic sales and will be made available to the regional markets in Asian and African countries.
According to the agreement, GAFI will oversee the project and provide all the requisite support for establishing the project under the investment zones system. It will also ensure that the project is completed within the stipulated time frame.
Haier CEO Li Daping said that this project would also help strengthen Egypt’s supply chain industry as over 60% of components will be locally procured.
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