CAIRO – 28 May 2023: Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba delivered Saturday two Golden Licenses to foreign investors operating in the sector of home appliances upping the total to 15.
One license was issued for Beko Egypt to establish a factory that would manufacture and assemble home appliances, while the other was received by Bosch whose factory will be specialized in the production of fridges and cookers.
Beko Egypt is estimated to complete the first phase of the plant by the end of 2023 with investments worth $107 million, and create 1,300 jobs. As for Bosch, its first phase will begin operation in the last quarter of 2024. The value of the plant is €50 million, and is expected to provide 500 jobs.
The licenses were delivered in a ceremony to General Manager of Beko Egypt Umit Gunel, and CEO of BSH Home Appliances LLC, owner of Bosch, Luis Alvarez. The license, whose validity is three months, grants permits for all types of services an investor needs to establish a project of priority to the government.
The GAFI chairman noted that the decision to issue the licenses to both companies was motivated by their plans to localize the home appliance industry in Egypt, establish labor-intensive plants, and export a large share of production.
In March, Heiba stated in a TV interview with Al Arabiyah that the authority had been studying the issuance of 40 Golden Licenses that would be added to the 13 that had already been delivered.
In FY2021/2022, GAFI facilitated the foundation of 31,000 companies, increasing the number of firms operating in Egypt by 9.4 percent. That is in addition to the increase in the capital of 2,000 older companies.