Home appliances maker Electrostar for Engineering Industries plans injecting investments of 150 million pounds (US$11.5 million) by 2017.
Chairman Mohamed El-Menoufy told Amwal Al Ghad Wednesday that the new investments would be pumped into a number of expansions in firm’s production line.
He clarified that the company targets raising the capacity by 50 percent in 2017 through establishing new production lines with capacity estimated at 120,000 refrigerators and freezers.
The total volume of Electrostar’s investments is estimated at around 500 million pounds, the chairman noted, clarifying that the company owns three factories in 6th of October City for manufacturing refrigerators, freezers, and cookers.
On other side, El-Menoufy pointed out that the current rise in electric sets prices is ranging between 35-40 percent.
He pointed out that applying the resolutions of Egypt’s Supreme Council for Investment would participate in increasing foreign investment opportunities.
El-Menoufy pointed out that activating the resolutions would ease procedures of getting licences for investors, accordingly, it would create suitable climate for investment.
