GAFI grants 2 golden licenses to Beko, BSH
Updated 5/28/2023 11:09:00 AM
Arab Finance: The General Authority for Investment and Free Zones (GAFI) has granted two golden licenses to Beko Egypt for home appliance and BSH Home Appliances Egypt, the authority stated on May 27th.
This brings the total number of companies which received golden licenses to 15.
Beko Egypt has received the golden license for the establishment of its home appliances production plant, of which the first phase is set for completion by the end of the year with $107 million in investments.
Meanwhile, BSH has been granted the license for its factory for manufacturing ovens and coolers, of which the first phase will be operational in the fourth quarter of 2024 at a cost of $53.5 million.
The country is seeking to grant the golden license to all investors, so they can begin their investments and establish their project in the shortest time possible, CEO of GAFI Hossam Heiba said.
The two companies have received their golden licenses sue to their fruitful plans to localize the home appliances industry in Egypt, employ more staff, export further products abroad, and secure foreign currency, Heiba remarked.
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