China’s OPPO mulls plans to set up $20m worth smart phone producing factory in Egypt

Chinese consumer electronics manufacturer OPPO is considering setting up a smart phone producing plant in Egypt with a total investment of $20 million, the CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba said Sunday.

The venture Heiba added during a meeting with Prime Minister Mostafa Madbouly will generate 650 jobs. The plant is expected to produce 4.5 million smartphones annually.

Home appliances company Haier is also planning to implement a new project in Egypt worth $135 million, Hieba added. Furthermore, South Korean electronics manufacturer LG Corporation is set to expand in Egypt with a new refrigerator factory worth $200 million.

Egypt, facing a cute financial and economic meltdown due to the pandemic and the war in Ukraine, is taking various measures to create a better environment for investors, including launching initiatives to facilitate bureaucratic procedures, including the golden licenses.

The North African country has introduced a gold license which gives comprehensive approval of the setup, operations, and management of a project, including building licenses and the allocation of the necessary real estate.

It also launched the Supreme Council for Investment. The members include the Prime Minister, Minister of Defense and Military Production, Governor of the Central Bank of Egypt, Minister of Justice, Minister of Planning and Economic Development, and Minister of International Cooperation.

The council is part of the ongoing reform program adopted by the Egyptian government to boost investments and economic growth in the country.