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Second phase investment is $40mln
Chinese home appliances giant Haier Group laid the foundation stone for the second phase of its Haier Eco-Friendly Complex located in 10th of Ramadan City, Egypt.
Spanning an additional 50,000 square metres, the second phase comes with a $40 million investment and a planned production capacity of 300,000 units comprising refrigerators and freezers, Ahmed El-Gendy, Haier’s Director in Egypt said.
The new expansion builds on the first phase, inaugurated in May 2023, which was established with an investment of $100 million and encompasses three factories and ancillary plants. The first phase currently produces over 1.5 million units and has created 2,000 direct and indirect jobs. The second phase is expected to create around 1,000 new jobs in the supply chain.
In addition to meeting domestic demand, products from the Haier Eco-Friendly Complex will be exported to African, Middle Eastern, and European markets without customs duties, contributing to Haier’s regional growth, the statement noted. |
