The growing number of development projects and an improved investment environment has encouraged French multinational corporation Schneider Electric to pump new investments into Egypt, said Luke Remont, executive vice president of international operations at the company.
“We are planning to double the production capacity at our factory in Egypt by June 2019,” Remont said today during a press conference in Cairo.
Remont also said that the Egyptian market is a strategic one for SE because of its capacity and potential to grow faster than any other market in the region, as well as the access it provides to other countries through free trade agreements.
“Thanks to the government's national development plan, Egypt is offering many investment opportunities in major projects, and SE wishes to scale up its investments in the country,” Remont said, adding that the main fields of cooperation include renewable energy, smart cities and sea water desalination.
“We are manufacturing in Egypt and export to other markets as well,” he said, explaining that SE exports to 12 countries in the MENA region through its factory in Egypt.
“We are going to participate in the development of infrastructure in the new cities being built in Egypt, which are considered mega projects that cater to the needs of the growing population and a growing industry,” he added.
Walid Sheta, Schneider Electric’s regional cluster head of North East Africa and the Levant, said that the local components in the company's upcoming projects will exceed 60 percent, adding that SE is working with local partners, integrating its technologies in the electricity market, industry and transportation sectors.
He also stressed that SE is eager to increase the volume of its business and investment in Egypt as a key market for countries in the MENA region, especially with the improved economic conditions.
Moreover, Sheta said that Schneider Electric will sign today five memorandum of understanding (MoUs) with the Egyptian Ministry of Social Solidarity to establish five off grid electricity projects (solar panels) in five remote Egyptian villages, with one project to be carried out per year.
SE provides technologies that help save about 30 percent of energy by the industry, which will in turn contribute to lowering carbon emissions and help the environment.
“Energy efficiency is a priority when we provide our technologies for infrastructure projects,” he added.
SE’s investments in Egypt during the last 32 years, since 1987, amount to approximately 315 million euros. The company has worked with the Egyptian government during that time to offer energy-efficient infrastructure solutions in development projects such as the New Administrative Capital, the New Alamein City and the solar park in Benban in Upper Egypt.