PM attends the signing ceremony of an MoU between GAFI and Haier Smart Home Co. whereby the latter will establish an industrial complex for the manufacturing of home appliances and related industries.
Prime Minister (PM), Dr. Mostafa Madbouly, witnessed today at the government's headquarters in New Alamein City the signing of a memorandum of understanding (MoU) between the General Authority for Investment and Free Zones (GAFI) and the Chinese HAIER SMART HOME Co. According to the MoU, Haier will establish an industrial complex operating under the Investment Zones Framework for the manufacture of home appliances and related industries. The project will be set up on a surface area of 200,000 square meters at the 10th of Ramadan City at an estimated investment cost of USD 130 million.
The MoU was signed by GAFI CEO, Counselor Mohamed Abdel Wahab, and Mr. Li Dapeng, Haier CEO in the Middle East.
After signing the MoU, Counselor Mohamed Abdel Wahab explained that the MoU with the Chinese company stipulates that GAFI will provide the necessary support to set up the project under the Investment Zones Framework, and take all necessary measures with the concerned entities to complete and set up the project according to the implementation schedule. He added that Haier will introduce advanced technology in its planned project, which contributes to positioning Egypt as an investment center for the home appliance industry, as well as attracting new investors in the field of industries related to home appliances from among the suppliers that the company deals with for manufacturing in Egypt.
GAFI CEO also indicated that the new project will be fully funded through FDI, and will provide more than 2,000 job opportunities with a production capacity of about 900,000 devices annually aimed at meeting the needs of the local market, and it will be considered as a center for exporting products to African and Asian countries.
Mr. Li Dapeng, Haier CEO in the Middle East, said that Haier is one of the world's leading manufacturers of home, electrical and electronic appliances and it has 7 international brands, explaining that the company's new project, which is included in the MoU, will contribute to strengthening Egyptian industries by increasing reliance on the local component by up to 60%. Moreover, he declared that the first phase of the project includes the production of air conditioners, washing machines, screens, and complementary industries, while the second phase includes the manufacture of refrigerators and freezers.
