Dr. Mostafa Madbouly, Prime Minister of Egypt, discussed the offer of Signify Philips and Gila companies, in which they requested to establish 4 new projects, with investments amounting to 100 million dollars.
The Cabinet said on Tuesday: “Dr. Mostafa Madbouly met with representatives of the alliance, where a number of proposed new projects were reviewed.”
Sherif Abdel Fattah, Chairman of the Board of Directors of Al-Tawakol Electricity Company, said: “These projects include establishing the first lighting factory in Egypt by this alliance, with the aim of providing state-of-the-art LED lighting solutions and proposals, with direct foreign investments amounting to $50 million.”
This project aims to export to Europe, Africa and the Middle East countries by 60%, with Egyptian labor, through job opportunities exceeding 1000 engineers, workers and technicians. Production is expected to start early next year.
He added that the second project is to expand the activity of manufacturing and assembling medium and low voltage panels, by establishing and constructing a new factory in the city of Tenth of Ramadan, on an area of 80 thousand square meters, with investments amounting to 20 million dollars.
Sherif Abdel Fattah explained that the third project is to establish a 40 megawatt solar power station, noting that the company has completed the first 5 megawatts, and work will be done to pump new investments of around $20 million to complete the rest of the project and connect the station to the medium voltage network, noting that the project file has been submitted to the Ministry of Electricity and Renewable Energy.
He said: “The fourth project focuses on producing green hydrogen, as proactive steps have already been taken in this regard, and investments worth about $16 million are expected to be pumped.”
During the meeting, the Chairman of the Board of Directors of Al-Tawakul Electric Company, Jila, confirmed: “The company has witnessed a tireless effort from the government during the past period to overcome any obstacles to the entry of new investments, and to work hard to solve the problems of investors, which encouraged the submission of a proposal to implement these new projects with investments estimated at about 100 million dollars, some of which are shared between Jila, Signify Philips and their partners.”
The coalition officials expressed their appreciation for the Egyptian government’s efforts to attract investments, by working to simplify procedures and seeking to remove any obstacles facing existing investments or new expansions of private sector companies in Egypt.
Mohamed Saad, General Manager of Signify Philips Lighting Egypt and North Africa, pointed out that the company is the oldest in the world in the field of lighting, and has been operating in Egypt for many years, but without manufacturing, adding that during the past period we thought about taking the step of manufacturing in Egypt, and from here we agreed with the company’s management to establish a global manufacturing complex on Egyptian soil, with the aim of transferring modern technology in the field of lighting to Egypt, and exporting to Europe, Africa and the Middle East.
Engineer Ahmed Samir, Minister of Trade and Industry, asked Philips officials to work on localizing the medical devices industry, as Egypt has a need to localize this industry.
Dr. Mostafa Madbouly appreciated the submitted projects, stressing that the government is prepared to provide various forms of required support, and the ministries and relevant authorities will be directed to study these projects and follow up on their implementation.