Beko Egypt to open $100M home appliances plant in 10th of Ramadan
Updated 8/8/2023 7:48:00 AM
Arab Finance: Beko Egypt is getting ready to open its first plant in the industrial city in the 10th of Ramadan area, with investments surpassing $100 million, to produce eco-friendly home appliances such as refrigerators and ovens by the end of the year, as per an emailed press release.
The plant is set to be established on a 114,000-square-meter area.
The announcement came during the Minister of Trade and Industry Ahmed Samir’s visit to Türkiye, where he expressed Egypt’s keenness to expand bilateral trade volume from $10 billion to $15 billion within five years.
Samir also probed the use of local currencies in bilateral trade in the coming period.
The company aims to boost the industrial localization in Egypt, as it targets starting production by the end of 2023 with a capacity of 1.5 million devices per year, 60% of which will be exported to Europe, the Middle East, and Africa, with an estimated annual export potential of $250 million, Beko Egypt’s General Manager Umit Günel said.
Beko Egypt's plant will run on renewable energy, with the first phase focusing on producing eco-friendly energy-saving refrigerators and ovens.
The project is expected to create over 2,000 job opportunities.
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