Danfoss, a company operating in the refrigeration and heating equipment industry, has achieved sales of more than $15m in 2019, targeting 30% increase next year.
Ziad Al-Bwaliz, the regional head of Danfoss Company in Turkey, Middle East, and Africa, said Egypt is a promising market to pump more foreign investments in the coming period, especially with the legislation and incentives set by the government to attract investors.
He explained that Danfoss is optimistic about investing in Egypt and plans to make Cairo a regional centre for supplying the company’s products to Africa, as it cooperates with Egyptian contracting companies to supply its products.
He stated that there are projects in Egypt that push the investment compass towards Cairo, the most important of which are the New Administrative Capital projects, the development of the Suez Canal, farming projects, and the 1.5m feddan project.
According to Al-Bwaliz, the cooperation is expected to provide international trainers to offer full courses and workshops for technical education students specialising in the fields of heating, cooling, and air conditioning in Egypt in order to link the labour market to education.
He stressed that Egypt is moving in the right path towards a stable, secure economy, away from the fluctuations that the world is witnessing between USA and China or in Arab countries such as Syria, Iraq, Yemen, and Libya.
The volume of Danfoss’s business globally amounted to €6.1bn, and during the past five years, the company has achieved high growth rates ranging from 6% to 7% annually, Al-Bwaliz illustrated.
He added, “I expect next year to see a decline in growth rates or stability due to fluctuations and global political events.”
Al-Bawaliz added that investments in energy needs partnerships, cooperation, and discussions. Energy productivity harvesting will be utilised if the hidden energy production reservoir is used in Egypt, which will contribute to prolonging the life of the oil and gas fields.
He explained that more could be achieved through new energy supplies from wind and solar energy, such as reducing peak loads and system costs, as well as providing more gas and oil for export.
The Danish Embassy in Cairo and Danfoss Company held a conference under the slogan “Transformation Starts Here” in the presence of a group of industry experts and energy professionals from the Danfoss regional team, and representatives of the Danish embassy in Cairo, specialists from the public and private sectors. In addition to representatives from the Administrative Capital of Urban Development, the Egyptian Green Building Council, as well as the Khalifa Consulting Group.
The conference witnessed a series of discussions on the future of sustainable cities, brainstorming, and exchanging Egyptian-Danish experiences.