The Managing Director of Haier Egypt for home appliances and consumer electronics has revealed that the company allocated investments of EGP 200m as a preliminary phase to manufacture air conditioners in the local market.
The manufacture of the units is planned to start in January 2021, and will take place in cooperation with the Raya Holding for Financial Investments.
The Managing Director told Daily News Egypt that the factory is located in 6th of October city, and will have an annual production capacity of 300,000 units.
He added that Haier products are now comprised of 60% local components compared to 40% imported components. He also indicated that the company plans to increase its investments volume fivefold during 2021, to manufacture other home appliances, including televisions and washing machines.
Haier seeks to focus on meeting the needs of Egyptian consumers, and transforming the country into a hub for launching towards African markets later.
On the other hand, he said that Egypt’s investment climate is very positive, particularly with the local economy’s ability to withstand the challenges of the novel coronavirus (COVID-19) pandemic, and achieve good growth rates. He praised all the facilities and incentives provided by the government to investors.
The Chinese company is a multinational group that was established in 1984 and operates in various economic sectors, including the home appliance industry, logistical services, finance, real estate, and Internet of Things (IoT) products. It has achieved sales of EGP 300m through the sale of its products to 165 countries worldwide.
Haier owns several brands of appliances, including Haier, Casarte, Leader and General Electric Appliances from the US, Fisher & Paykel from New Zealand and Australia, AQUA from Japan, and Candy from Italy.