Samir said that the new factory will be built on an area of 220,000 square meters and its total investments amount to $105 million
Trade and Industry Minister Ahmed Samir, laid the foundation stone for a new factory for the Chinese company Midea Electric, which specializes in the production of home appliances, in the industrial zone of Sadat City.
Samir said that the new factory will be built on an area of 220,000 square meters and its total investments amount to $105 million, pointing out that the factory will produce a number of home appliances during its first phase and will later expand its products for export to foreign markets.
Samir stressed that the company’s decision to establish a new factory of this size in Egypt reflects the strong economic partnership relations between Egypt and China, which represents a basic foundation for strengthening economic, trade and investment cooperation between the two countries.
Midea’s operations in Egypt launched in 2010 and its total investments in the Egyptian market currently amount to $247 million with factories 6th of October City and the Suez Canal Economic Zone (SCZONE).
Earlier on Tuesday, the foundation stone for the DP World-Sokhna Logistic Park was laid by SCZONE’s Chairman.
The logistic park is located within the Sokhna integrated Zone of the Suez Canal Economic Zone, with a total area of about 300,000 square meters and will offer 600 direct job opportunities, at a total investment cost of $80 million.