CAIRO

Turkish white goods manufacturer Arcelik has announced an investment of $100 million in Egypt.

Arcelik's household appliances factory in Egypt will have an annual production capacity of 1.5 million units, according to Egypt's Industry and Trade Ministry. The plant, to be established by the end of 2023, is expected to provide 2,000 direct job opportunities.

Egypt's Trade and Industry Minister Ahmed Samir recently met Hakan Bulgurlu, Arcelik's CEO, on the margins of COP27 in Sharm el-Sheikh.

He said the ministry "stands committed to supporting domestic and foreign investors and eliminating all obstacles they may face."

Bulgurlu said Arcelik seeks to increase its presence in the Egyptian market to become a regional hub for the manufacture of household appliances and feeding industries.