Prime Minister Dr. Mostafa Madbouly witnessed today at the government headquarters in the new city of El Alamein, the signing ceremony of a memorandum of understanding between the General Authority for Investment and Free Zones and the Chinese "Higher Smart Home Corporation"; To establish an industrial complex under the investment zones system for the manufacture of household appliances and their feeding industries, on an area of 200,000 square meters, in the Tenth of Ramadan City, with a total investment estimated at 130 million dollars.
The MoU was signed by Counselor Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones, and Mr. Lee Daping, CEO of Higher Smart Home Corporation in the Middle East.
After the signing, Counselor Mohamed Abdel Wahab explained that the memorandum of understanding with the Chinese company stipulated that the authority would provide the necessary support to establish the project under the investment zones system, and take all necessary measures with the concerned authorities to complete the project and establish it according to the implementation schedule, explaining that the company will introduce advanced technology in its project. This will contribute to positioning Egypt as an investment center for the home appliance industries, as well as attracting new investors in the field of industries feeding home appliances from the suppliers that the company deals with for manufacturing in Egypt.