Beko Egypt is on track to open its $100 million plant in the 10th of Ramadan City in the fourth quarter of 2023, the company said in a press statement.

The disclosure was made in the statement announcing the meeting between Egyptian Minister of Trade and Industry Ahmed Samir and Umit Günel, General Manager of Beko Egypt in Ankara.

The plant, spread over 114,000 square meters, will have an annual production capacity of 1.5 million devices and will export 60 percent of its output to Europe, the Middle East, and Africa. 

The statement noted that the project's estimated yearly export potential is $250 million.

Günel outlined Beko Egypt's ambitious plans to deepen localisation and make Egypt a global export hub for household appliances.

He said the new plant would operate with renewable energy, promoting a "Zero Waste" approach, and initially focus on producing energy-efficient refrigerators and ovens. He added that the project is expected to create over 2,000 job opportunities for Egyptian youth, while the plan to open 250 new showrooms and 50 service centres across Egypt will create more jobs.

Meanwhile, in discussions with top executives from Arcelik and Koç Holding Group, Samir expressed Egypt's desire to expand bilateral trade volume with Turkey from $10 billion to $15 billion in five years and explore using local currencies for bilateral trade settlements. He also invited Koç Holding to visit Egypt to study investment opportunities in various industries.

(Writing by Eman Hamed; Editing by Anoop Menon)