US multinational conglomerate corporation General Electric (GE) seeks out the long-term manufacturing opportunities in Egypt.
The CEO of GE in Egypt and North Africa, Ayman Khattab, said that his company sees huge potential in the Egyptian market as a potential manufacturing hub for its products, Daily News Egypt reported.
Khattab said: “We see large competitive potential in the Egyptian market, and we plan to turn Egypt into a hub to manufacture our products over the upcoming period. Egypt is a large consumer market that needs businesses and expansions in all economic sectors, including health, energy, and electricity.”
Speaking to Daily News Egypt, Khattab said that the reforms recently implemented by the Egyptian authorities, including restructuring of subsidies and the liberalisation of the exchange rate have put Egypt on the right path.
He urged that the Egyptian administration should act quickly and achieve the reforms needed by investors to start an activity or expand in the Egyptian market.
With various industry focuses, the US-headquartered firm said that it is particularly interested in working with the Egyptian government in the field of new and renewable energy, especially through wind, solar, and coal energy.
“We have open communication with officials in the Ministry of Electricity to come up with a vision that enables us help them in this regard, especially that Egypt is strongly headed towards diversifying energy sources and generating energy from renewable sources instead of the traditional ones which will run out soon,” the company said.
They further added: “Our company does not mind partnering with Egypt in any form, whether through providing companies with technical solutions, working as a developer, or providing financial solutions, whatever the negotiations with the Egyptian government result in, we will be fine with.”