Around six and seven Chinese firms have shown willingness to enter Egypt’s electronics manufacturing market, said Asmaa Hosny, CEO of ITIDA, the IT arm of Egypt’s ministry of communications, on Saturday.
ITIDA is recently in talks with the Chinese firms to set regulatory frames for new investments, Hosny added.
Speaking to Amwal Al Ghad, Hosny said that Chinese firms would focus on investments in technology parks and mainly those in Borg El-Arab and New Asyut.
This comes as part of the government’s strategy to boost the local manufacturing of electronics that will come into effect this year.
The ‘designing and manufacturing electronics’ strategy aims at encouraging Egypt’s electronics industry which will add about $3 billion as economic returns in three years, Hosny said. Moreover, it will create new job opportunities and tempt global electronics manufacturers into establishing giant industrial zones which will give a good push to electronics designing sector.
In the same context, ITDIA official revealed that Egypt-based Sico Technology has signed an agreement with China Megan group to establish a new plant for electronics manufacturing in the new Borg El-Arab on a space of 3000 metres.
Yasser El-Kady, Minister of Communications and Information Technology, is currently negotiating with a number of global electronics manufacturers like Oppo on establishing factories in Egypt’s new technology parks.
Notably, electronics industry amounts to $1.4 trillion globally of which the United States is the biggest contributor followed by China, Japan, Europe, and South East Asia.