Investment ecosystem in Egypt made attractive for companies

By Nilanjan Dey

Ahmed Samir, Egypt’s minister of trade and industry, met with several significant foreign firms engaged in e-marketing, communications, and information technology investments in the Egyptian market.

The meetings evaluated governments’ efforts to give an enticing ecosystem for investment to help the industrial sector, bolden private sector partnerships, and think of new ways to bring more investment to the Egyptian market and raise the local component in the industry.

According to Egypt’s minister of trade and industry, the nation has recently adopted various measures and initiatives whose goal is to help the nation’s industries. These measures include facilitating procedures for obtaining industrial licences, giving utilised lands to companies and giving facilities to investors to secure production materials.

Samir emphasised the ministry’s desire to bring in more foreign businesses since Egypt is a key recipient of foreign direct investments in the Middle East and Africa. To localise technical and environmentally friendly enterprises and transmit their sophisticated industrial skills to the Egyptian market, the government also seeks to strengthen its partnerships with significant multinational corporations.

He met with delegations of various companies like Huawei, Oppo, General Motors (GM) International and Amazon.

With Jim Liu, CEO of Huawei Egypt, they discussed Huawei’s current and upcoming initiatives, as well as strategies for using the Egyptian market as a hub for the business’s growth in regional and African markets.

The discussion also covered a number of the company’s suggested new ventures in the Egyptian market, including data centres, digital solutions, renewable energy, artificial intelligence, cloud computing, and ecosystems for capacity building.

His meeting with the Oppo delegation which was led by General Manager of Oppo Egypt Noah Ma discussed the location of the business’s new plant in Cairo’s 10th of Ramadan City, which will start producing goods next year. The facility, which was constructed on a 15,000 square metre plot of land, has a production capacity of roughly 4 million mobile phones per year with 40% local content.

Intentions for growth in the Egyptian market were also talked about as Oppo presently has 20 maintenance facilities around the country and 7,000 direct employees in addition to branches in every governorate.