Midea Group announced on November 30, 2023 the launch of its third industrial complex in Egypt in the industrial zone in Sadat City, with investments of $105 million, bringing the volume of Midea Group's investments in the Egyptian market to $247 million and opening the door to approximately 3,900 new job opportunities and exports to all parts of the world.
With the honored presence of Engineer Ahmed Samir, His Excellency the Minister of Industry, the Chinese Ambassador to Cairo, Mr. Lieo Lichiang, the Executive Vice President of the General Authority for Investment and Free Zones, Dr. Ahmed Sherine, and Eric Wang, Vice President of the Midea Group.
In 2020, Midea Group began expanding its product base by establishing several factories in 6th of October City and the Suez Canal Economic Zone to manufacture various home appliances under the Midea and Toshiba brand. Today’s groundbreaking ceremony comes after the company earned its golden license in August 2023.
“Our event today, as well as our future expansion plans, is a fruit of the appreciated efforts and long-term cooperation between the Midea Electric Egypt in its various sectors, the Egyptian government, and the state’s regulatory agencies that support investment, along with Midea Group’s interest in investment in Egypt”. stated Mr. Amr Saeed, General Manager of Midea Electric Egypt.
In his speech, Mr. Said referred to the distinguished bilateral relations between Egypt and China, which were translated into successful agreements between the two countries that accelerated the pace of foreign direct investments in Egypt, which was translated into new legislative amendments and clear requirements for the golden license, which we were honored to fulfill and became among the first investors to obtain in August 2023.