This occurred in the presence of the Secretary-General of the Chinese Communist Party in Qingdao Zeng Zanrong and the Ambassador of the People's Republic of China to Egypt Liao Liqiang.

Minister ElKhatib said the eco-friendly Haier complex is one of the most prominent success stories of Chinese companies in Egypt. The project has attracted great attention and support from the Egyptian government and political leadership since it started.

He also noted that the government has been keen to overcome the project's challenges and granted it the Golden License in December 2022.

Additionally, President Abdel-Fattah El-Sisi inaugurated the launch of the project's first phase in May.

ElKhatib added that Haier Electric Egypt is the first Chinese company in the country to be granted the Golden License, becoming a model for other companies that wish to enter the Egyptian market.

Moreover, the minister revealed that the company is now expanding its investments by $40 million, which reflects the confidence of Chinese investors in Egypt.

He also affirmed the importance of enhancing the Egyptian-Chinese economic cooperation per the Belt and Road initiative launched in 2014.

The project's first phase included three main sectors: air conditioners, televisions, and washing machines.

Haier's investments in Egypt

Prime Minister Mostafa Madbouly also emphasized the importance of Haier's investments in the Egyptian market.

"It is a strong addition to the industrial sector in light of its dependence on local inputs to a large percentage," Madbouly said during his meeting with the company's chief executive officer.

He added that this enables offering a high-quality product at a reasonable price, which would happen through establishing an integrated complex with investments totalling $135 million on a 200 thousand metres space.

Meanwhile, Haier's representatives expressed their aspirations to finish the second phase and begin the third one, focusing on producing central air-conditioning units. The local inputs in these units will represent 70 percent.

They added that Haier's global investments are expected to reach $500 million after ending the third phase.