This image will be automatically disabled when it gets reported by several people.
Industry, Investment ministers discuss future plans of Philips International in Egyptian market Company aims to produce 2m light bulbs annually to meet needs of local market and export to foreign markets
Minister of Trade and Industry Amr Nassar and Minister of Investment and International Cooperation Sahar Nasr met representatives from Philips International in Egypt. During the meeting, they discussed the company's plans to start the first lighting products manufacturing in Egypt to meet the needs of the local market and export to foreign markets. Nassar said that the company presented its business plan for the production of LED lamps and lighting shafts. Nassar added that the company already began producing lighting shafts and the production of lamps will begin in the next few days, pointing out that the company's initial production volume is 2m bulbs annually, and targets increasing production to reach 4m bulbs in a year and a half. He noted that the company has contracted to export 140,000 light bulbs to the Turkish market during the current year and will export to the markets of Kenya, Uganda and Rwanda. "The current trends of the ministry include the expansion of Egyptian exports to African markets in general and a number of major markets in East and West Africa in particular," he said. "There are huge opportunities for Egyptian products to penetrate markets of Iraq, Syria and Libya as part of reconstruction projects. Nassar stressed the importance of increasing local component in the products of the company in order to increase the value added of its products and thus increase its competitiveness in domestic and foreign markets as well as the expansion of products manufactured in terms of different quantities and sizes." For her part, Nasr said that there is full coordination among all ministries to improve the business climate and attract more foreign and domestic investments to the Egyptian market. Nasr pointed out that the government is keen to overcome all obstacles facing investors in the Egyptian market in order to help them to double their investments and establish new expansions which contribute to providing more job opportunities for youth. Tamer Abou El Ghar, Vice President and CEO for Africa, said: “The company has an ambitious plan to expand in the Egyptian market and increase production rates to meet the needs of this huge market, which annually consumes about 25 million lamps." Abou Rl Ghar revealed that his company targets acquiring about 15% of the size of the Egyptian market during the next three years, increasing to 25% within 5 years, as well as export to foreign markets, especially to the markets of African countries and countries surrounding Egypt, such as Saudi Arabia and Turkey.
