By: Taarek Refaat
CAIRO, Feb. 9 (SEE)- Youssry Kotb, Chairman of Universal for Engineering Industries, said that the company plans this year to increase the volume of exports, maintaining the first spot among competitors in the household appliances sector with 35 percent of the market.
Kotb added that the company doesn’t anticipate any new investments in the current period and is rather focusing on achieving targeted figures. “It is possible to announce new investment plans later this year,” he noted.
“The government needs to solve companies export compliance responsibilities since its one of the most important challenges undermining export rates,” he stressed.
Universal plans to fully expand its domestic production units achieving self-sufficiency.
“The company succeeded in producing products with up to 70-90 percent domestic components,” Kotb said.
Universal is one of the top 10 exporters in Egypt owning the world’s largest stove plant. The company has 3000 authorized distributors and 30 maintenance centers throughout the country. Its production capacity is about 2.2 million ovens annually and 3 million washing machines.
Universal investments in the Egyptian market exceeds more than EGP 4 billion.