French Multinational Schneider Electric Eyes Investment Expansion in EgyptSource: www.export-egypt.com 10/29/2023, Location: Africa |
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French Schneider Electric company plans to expand in the Egyptian market, having injected a total investment amounting to 300 million euros ($317.38 million) in Egypt over the past 35 years, according to a cabinet statement on Sunday.
The company is currently set to expand in Egypt to enhance the quality of electricity feeding and smart systems to provide better services for citizens, said Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI). The new plan aims to increase the factory's production of low- and medium-voltage panels, modern smart ring connection units, and 400-volt low-voltage panels, Heiba added. The expansion plan targets raising the local component percentage, which currently amounts to 40-60 percent of all factory products, he noted. Heiba's statement came during the visit he paid on Sunday to the Schneider's factory in Badr City with Sebastian Reyes, the company's president for Northeast Africa and the Arab Levant. The factory serves as the largest low- and medium-voltage panels factory of its kind in the Middle East, with a production capacity of 6,000 medium-voltage cells and 3,500 low-voltage cells annually. More than 30 percent of the factory's production is exported to over 30 countries worldwide; it also provides 600 direct job opportunities. Reyes noted that Egypt represents a major market for the French company, in which Schneider sees promising opportunities for growth and expansion. "We are committed to strengthening our investments in Egypt, increasing the local component, and supporting exports, based on our belief that local manufacturing is the key to economic growth," Reyes explained. Schneider Electric began its operations in the Egyptian market in 1987. |
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