Several global manufacturers are building factories and expanding in Egypt, injecting millions of dollars in the market, CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba stated during a meeting with Prime Minister Mostafa Madbouly on Sunday 16/4/2023.
Chinese consumer electronics manufacturer OPPO is planning to invest $20 million in building a new factory in Egypt to produce 4.5 million smartphones annually and create 650 jobs, Heiba said.
He added that home appliances company Haier is planning to implement a new project in Egypt worth $135 million, while Turkish appliance and consumer electronics brand Beko has established a subsidiary in Egypt to build a factory in the 10th of Ramadan City on 114,000 square metres worth $100 million.
Furthermore, Heiba unveiled that the South Korean electronics manufacturer LG Corporation is set to expand in Egypt with a new refrigerator factory worth $200 million.
The Egyptian government is taking various measures to create a better environment for investors, including launching initiatives to facilitate bureaucratic procedures, including the golden licenses.
A golden license gives comprehensive approval of the setup, operations, and management of a project, including building licenses and the allocation of the necessary real estate.
Last week, President Abdel-Fattah El-Sisi issued decree No. 141 of 2023 to establish the Supreme Council For Investment.
The council will be presided over by the president. Members of the council include the prime minister, minister of defense and military production, governor of the central bank of Egypt, minister of justice, minister of planning and economic development, and minister of international cooperation.
Source: State Information Service Egypt