During the signing ceremony – Press photo
CAIRO – 24 June 2019: Egypt signed a cooperation agreement with the German company Bosch for electrical appliances to set up the first industrial complex in 10th of Ramadan, Prime Minister Mostafa Madbouli said Monday.
Madbouli added that the complex would provide job opportunities for Egyptian youth and training opportunities in cooperation with Egyptian universities.
He pointed out that the establishment of the plant will contribute to increasing exports and providing many job opportunities, as well as raising the efficiency and skill of Egyptian labor, which will receive the latest training in the specialized training centers of Bosch. The company has a network of distinguished universities and research centers.
In a press conference after the signing ceremony, Madbouli said that Bosch reviewed its production volume that exceeded 1.6 million vehicles annually.
Bosch’s manager affirmed his keenness to invest in Egypt especially that Egypt is the launching point to Africa and the Middle East, adding that the new branch in Egypt will be their sixth plant as they have five branches around the world, according to Madbouli.
Prime Minister Madbouli noted that the Egyptian government welcomed the agreement with the German company to establish a production center in Egypt on an area of 80,000 square meters.
“Reaching this agreement is a result of the meeting held by President Abdel Fatah al-Sisi with the chairman of the board of directors of Bosch in October 2018, which encouraged the company to move ahead with its plans to invest in Egypt,” he added.
He added that this step came after the company’s representatives sensed the determination of the political leadership to overcome all obstacles, which prevent foreign investments from increasing in Egypt.
Mostafa Mabdouli arrived Monday in the German city of Stuttgart to head the high-ranking Egyptian delegation attending the 22nd session of the German-Arab Economic Forum.
The prime minister is accompanied by a delegation comprising ministers of electricity, investment and international cooperation, oil, communications, trade and industry, transport, chairman of the Arab Organization for Industrialization, Egypt's ambassador to Germany and a large number of businessmen.
“The importance of Egypt's participation in the forum comes from being the guest of honor of the current session,” official spokesperson of the Prime Ministry Nader Saad said.
Saad added that the Egyptian participation represents an excellent opportunity to promote the investment opportunities in Egypt. “The forum is attended by about 600 businessmen from both the Arab and German sides and is an important economic and investment forum; it is considered an important economic and investment forum for cooperation and economic and trade partnerships.”
The prime minister's schedule includes meetings with senior officials of Mercedes and Bosch, as well as visits to the plants of the two companies in Stuttgart and the signing of memorandums of understanding to establish investments for the two companies in Egypt.