Trade Minister Discusses Elaraby Group's Expansion Plans In Egyptian Market
(MENAFN- Daily News Egypt)
Egyptian Minister of Trade and industry Ahmed Samir has met with a delegation from Elaraby Group. The group specializes in manufacturing home appliances and is headed by Mohamed Mahmoud Elaraby, the CEO, and Mohamed Abd Elgayed Elaraby, a member of the Executive Board and Head of Operations. During the meeting, they discussed the company's current and future investment plans for expanding into the Egyptian market.
The minister emphasized the importance of supporting Elaraby Group's investments in Egypt. He highlighted the group's strategic plan, which involves establishing partnerships with international companies to set up factories for producing capacitors and motors. Additionally, the group aims to expand its home appliance manufacturing to meet local market demands and explore global export opportunities.
Samir also mentioned the government's commitment to incentivizing strategic projects. These incentives include tax exemptions of up to 10 years and a 50% refund on the value of industrial lands if projects are completed within 18 months. Furthermore, the issuance of golden licenses to investors has been expanded.
The home appliances industry plays a crucial role in the Egyptian economy, serving both local needs and international markets. Elaraby Group can leverage Egypt's free and preferential trade agreements with numerous countries and economic blocs worldwide to boost its exports. Egyptian home appliance products are well-received globally, making this an advantageous opportunity for the group.
Mohamed Elaraby, the group's CEO, expressed their commitment to enhancing investments in Egypt. Their goal is to contribute to the industry, support the local economy, and create new job opportunities for young people. Elaraby Group looks forward to benefiting from the investment incentives and promising prospects offered by the Egyptian government during this period.
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