The minister stated that the meeting reviewed progress on the company’s project to produce stoves in 10th of Ramadan City under the Golden License system.
Hassan El-Khatib, Minister of Investment and Foreign Trade, met with Luis Alvarez, CEO of BSH Egypt for Home Appliances, and his accompanying delegation to discuss the developments of the company’s project for manufacturing home appliances in 10th of Ramadan City.
The minister stated that the meeting reviewed progress on the company’s project to produce stoves in 10th of Ramadan City under the Golden License system. This will be the company’s first factory in Africa, with an investment of €55 million.
The factory is set to allocate 50% of its production for export to Middle Eastern and African markets, while the remaining 50% will serve the local market.
El-Khatib emphasized the ministry’s commitment to providing all necessary support for the project and coordinating with various ministries and relevant entities to overcome any challenges the project might face.
The minister also highlighted that Egypt’s market currently stands as a premier investment destination for global capital, owing to its many attractive features.
These include its strategic geographic location connecting three continents, a skilled labor force, competitive wages, and its participation in numerous trade agreements that grant Egyptian products access to and competitiveness in a wide range of regional and global markets.
For his part, Alvarez reiterated the company’s dedication to establishing a presence in the Egyptian market, describing it as a key industrial and export hub for the Middle East and Africa. He also announced that the company’s project in Egypt is set to officially open next month.
