Japan’s Panasonic Corp has expanded its presence in the Middle East and Africa region with the inauguration of the first TV manufacturing unit in Egypt.
The Japanese manufacturer is collaborating with Arab Company for Electrical Equipment to produce over 16,000 Panasonic LED televisions before the end of this year, said a statement from the company.
This factory promises a state-of-the-art manufacturing unit that will employ 200 -250 personnel and further boost Egypt’s growing manufacturing sector. According to industrial studies, Egypt has seen a burgeoning growth in all industrial sectors in the recent years, with manufacturing sector registering a 2.60 per cent in April of 2017 over the same month in the previous year, it said.
The Planning Ministry of Egypt has set an annual growth target of 9 per cent for manufacturing, increasing its share of GDP to 25 per cent by 2020. The country has a growing population of people with disposable income and ambitious growth plans, it added.
The 50,000 sq-yard facility is located at Mostorod, Cairo, and was inaugurated by Daizo Ito, managing executive officer for Panasonic Corporation, regional head India, South Asia, Middle East and Africa (ISAMEA) and other dignitaries, besides top executive from Panasonic, said a statement.
Panasonic products have gained greater demand in Egypt, and the company’s decision to establish a manufacturing unit in the country has received a warm reception by the citizens and electronic dealers in the country.
The factory will cater to the domestic market demand with high-end TVs, which are known for their crispier picture quality and dynamic wide viewing angle in addition to the trusted Japanese quality.
Daizo said: “The Egyptian market is one of the most promising markets in the North Africa region. It is also well-positioned, both geographically and logistically, to serve the whole Middle East and North Africa (Mena) region.”
“We, as a global leader in technology and consumer product sector, aim to support this growth. Our locally based TV manufacturing unit reflects our basic business philosophy of contribution to the society as it will provide various opportunities for Egyptian workforce to understand the Japanese Craft and Craftsmanship,” he said.
“It will open a new horizon for the market in terms of job creations and knowledge elevation,” he added.