Following the recent decisions of both Nokia, and Vivo to set up their electronic manufacturing hubs in Egypt, Ehad Said, Chairperson of the Board of Directors of the General Division for Communications, Electronic Payments, and Financial Services at the Federation of Egyptian Chambers of Commerce in Egypt (FEDCOC) noted that this is just the beginning and more international companies will be following suite and setting up their manufacturing hubs in Egypt.
He noted that the unprecedented investment incentives and tax and customs exemptions on production components and raw materials prompted two of the largest international companies, Nokia and Vivo, to manufacture their products in Egypt, generating job opportunities for Egyptians.
Egypt has prioritized the manufacturing of electronic products and home appliances. Said notes that when Egypt starts manufacturing 1.5 million phones annually this will reduce shipping costs and increase foreign currency reserves.
He stressed that the policies of international companies have changed in favour of making Egypt an export hub to Africa, which has about 1.5 billion consumers.
