Ritchie establishes factory to produce air-conditioning compressor in Egypt with $33mln in investments

Ritchie establishes factory to produce air-conditioning compressor in Egypt with $33mln in investments

Egypt - Minister of Trade and Industry Ahmed Samir announced on Wednesday that Taiwan’s Ritchie is in the process of establishing a project to produce an air-conditioning compressor in Egypt in cooperation with the Al-Araby Group with a total investment of $33m and a production capacity of 6 million compressors annually.

Actual production is planned to kick-off in 2024.

The minister said that the new project will be built in the industrial zone of Kom Abu Radi in Beni Suef on an area of 60,000 sqm, noting that the project’s initial production volume is 2m units and is expected to increase to 6m units within five years.

Samir added that the project aims to meet the needs of the local market and export 50% of production to regional and international markets by taking advantage of preferential advantages offered by free trade agreements signed between Egypt and a large number of countries and major economic blocs around the world.

He also pointed out that the factory will produce an air-conditioning compressor with a capacity of 1.5-3 horsepower, adding that the proportion of local components in the final product will be 50% at the beginning of production and will gradually increase.

Samir also highlighted the ministry’s keenness