CAIRO - 15 March 2023: Chairman of the General Authority of Investment and Free Zones (GAFI) Hossam Heiba and Haier Group Chairman of the Board and CEO Zhou Yunjie laid Wednesday the foundation stone of Egypt's first Ecological Industrial Park.
The complex will span over 200,000 square meters at the 10th of Ramadan City. The first phase - worth $100 million - is set to consist of three main factories in addition to feeding industries plants, creating a total of 2,000 direct and indirect jobs.
The production is expected to begin in the first quarter of 2024 with an annual capacity of million devices where the local component will range between 60 percent and 70 percent.
The GAFI's press statement highlighted that Haier Egypt has been among the very first companies that were issued the Golden License in December 2022.
Heiba stated that the Egyptian and Chinese governments cooperated to make the success of Haier Egypt a factor of attraction for other potential Chinese investments, particularly those interested in the localization of technology in Egypt.
The GAFI chairman added that Haier would also establish an R&D center in Egypt so it would not just import technology from abroad. It is noted that the company already has 10 R&D centers worldwide.
General Manager of Haier Egypt Ahmed El Gendy revealed that the company targets to make Egypt the export center to the Middle East, Africa, and Europe, benefiting from the trade agreements the country has with those regions. He equally asserted that stores and a service center would be available locally.
Yunjie pointed out that investing in Egypt is a strategic goal for the Chinese government and companies, given the incentives offered, the country's location, and membership in The Belt and the Road Initiative 2030. That is why Haier decided to make Egypt the regional center for smart manufacturing.