Minister of Industry and Trade Tarek Kabil held a meeting with Adosh Sharma, the regional manager of IKEA in Egypt, to discuss the company’s current projects and plans for expansion in the Egyptian market.
According to Kabil, IKEA considers injecting new investments in Egypt in the cities of Cairo and Alexandria as part of their expansion plans in the Egyptian market. He explained that the improvement of economic indicators is a key factor in the company’s decision to expand as well as economic reforms that were implemented by the authorities, which contributed to improving the business climate in Egypt.
IKEA has been present in the Egyptian market for four years. The company has a 36,000-sqm store in Cairo Festival City mall with a full range of household furnishings over two floors, which receives around 6,000 visitors on average per day.
Moreover, Sharma explained that the Egyptian market possesses the promising investment opportunities in several industrial fields, particularly the products targetted by the company, pointing out that the company is currently implementing a clear plan of action and extensive studies on the Egyptian market.
Increasing IKEA’s dependence on the Egyptian products as part of the range of products offered within its branches is very important, Kabil said, especially that Egyptian products have a competitive quality and price against imported ones.