The Egyptian Silicon Industries Company (E-SICO) is looking to invest EGP 200 million to implement new expansion in its plant in the Upper Egypt governorate of Assiut by the end of 2018.
The new expansion projects will contribute to meeting the demands of the domestic and overseas markets, chairman of Egypt’s first smartphone maker Mohammed Salem said.
The expansion include boosting the plant’s area to 9,000 metres from 5,000 metres by mid-2019, in addition to raising the current six production lines to 12 during the next year, Salem told Amwal Al Ghad.
The chairman has noted that his firm plans to export products to Tanzania, Kenya, Uganda, Saudi Arabia, and Kuwait.
The Egypt-based firm also plans to increase investments to EGP 1 billion, from EGP 422 million through obtaining a slew of credit facilities from the international financial institutions in an effort to fund its expansion scheme, Salem highlighted.
SICO Egypt is currently acquiring 3% of the North African nation’s mobile phones market, while it seeks to increase this portion to 6% by the end of this year.