Egypt’s Hisense which specializes in manufacturing electrical appliances, has signed a contract with the Chinese industrial developer (TEDA – Egypt), in the Suez Canal Economic Zone (SCZone), where the project is being held in partnership with the Emirati company FBB TECH, with a total investment of $38 million, according to a statement by the Egyptian Cabinet.
The project, spanning 110 thousand square meters, aims to achieve a production capacity of 2.5 million units.
Initially focusing on manufacturing televisions, audio recording devices, and screens, the project plans to allocate 30 percent of its output to the local market and export the remaining 70 percent to regions including Europe, North and East Africa, and the Middle East.
The signing ceremony, attended by Prime Minister Mostafa Madbouly, signifies a significant step towards advancing Egypt’s export goals, aiming to reach $100 billion by 2030.
Walid Gamal El-Din, Chairman of the SCZone, highlighted that this agreement aligns with the Authority
‘s dedication to supporting Egypt’s export ambitions.
El-Din emphasized the strategic importance of SCZone’s location within the Belt and Road Initiative, serving as a pivotal nexus connecting China with diverse global markets.
Source: State Information Service Egypt