French energy technology company Schneider Electric announced it will increase its investments in Egypt by €8 million throughout 2023, according to a statement on Sunday
The new investments will be used for the expansion of the company’s factory in Badr City.
The expansion plan includes adding new production lines stretching over a total area of 10,000 square meters.
The factory serves as the largest factory for low- and medium-voltage panels in the Middle East, with a production capacity of 6,000 medium-voltage cells and 3,500 low-voltage cells annually.
More than 30 percent of the factory’s production is exported, reaching over 30 countries worldwide; it also provides 600 direct jobs to Egyptians.
“Egypt has significant economic potential in the energy sector and is a key market in the region. We are fully committed to supporting sustainable development in Egypt through our investments in infrastructure and industry,” said Sebastien Riez, cluster president of Schneider Electric for Northeast Africa and the Levant.
In 2020, Schneider Electric allocated €30 million in investments to Egypt, including €10 million that was used to add a production line for manufacturing electricity distribution panels.
The company has invested a total of €300 million in Egypt over the past 35 years. In addition to the Badr factory, the company owns several assets in the country, including the Distribution Center in 10th of Ramadan City and the Engineering Excellence Center.
Since the beginning of 2023, Egypt has taken serious steps to promote and attract investment, including slashing by 62 percent the paperwork required for new companies to start operations.
