Industry, investment ministers probe Philips future plans in Egyptian market

CAIRO - 26 August 2018: Trade and Industry Minister Amr Nasar and Investment and International Cooperation Minister Sahr Nasr discussed with representatives of Philips international company in Egypt the future plans of the firm to start manufacturing lighting products to fulfill the needs of the local market and export to other countries.

In a statement on Sunday, Nasar said that the meeting took up the company's work plans to produce LED lighting products, noting that the firm started already producing searchlights, while lamps will be manufactured during the coming days.

The company produces two million lamps annually and targets increasing it to four million ones within one and a half years, he underscored.

Philips will export a number of its products to Kenya, Uganda and Rwanda, the minister asserted, noting the importance of maximizing the benefit from the free trade agreements inked with the Arab and African countries.

For her part, Nasr affirmed that there is coordination among all the ministries to improve the business atmosphere and lure more foreign investments to the Egyptian market.

She further pointed out to the government's keenness on removing obstacles hindering businessmen in order to help them double and expand their investments, the matter which contributes to providing more job opportunities to the youths.