The plans of Turkish home appliance manufacturer Arcelik, a subsidiary of Koç Holding, for expanding its business in Egypt was discussed in a meeting between Ahmed Samir, Egypt’s minister of trade and industry, and Hakan Bulgurlu, CEO of Arcelik.
During the meeting, Mr. Samir said that the government is keen on encouraging foreign companies to inject new investments.
The parties reviewed a project to be launched by Arcelik in Egypt at the end of 2023. Accordingly, Arcelik plans to build a plant with an annual production capacity of 1.5 million white goods, with a total investment of $100 million. The project is expected to provide 2,000 job opportunities.
Arcelik’s aim is to increase its presence in the Egyptian market and make the country a hub for manufacturing and exporting its products to foreign markets.
Meanwhile Koç Holding companies have plans to invest in Egypt in the fields of industrial engines, electric car chargers, financial technology, tourism, health care, energy and the automotive industry, SteelOrbis understands.
