GE has revealed it will build a multimodal manufacturing and training facility in Suez, Egypt
The CEO of the American-based multinational conglomerate, Jeffrey Immelt, announced the plans at the Egypt Economic Development Conference in Sharm El Sheikh last week.
The facility will focus on the power generation, renewable energy, water, oil & gas, aviation, healthcare and rail transportation industry sectors, and will provide jobs for around 500 skilled Egyptian professionals in the next three to five years, the company stated.
Announcing the plans, Immelt said, ?The new multimodal facility will deliver strong economic and social value to the country by supporting key high-growth industry sectors and SMEs in the Egyptian supply chain.
?By training the new generation of professionals and focusing on localized innovation, we are creating a talent pool who can provide customized engineering solutions. This is another example of GE?s focus on bringing technologies and knowledge where it matters most.?
Egypt signed investment deals worth more than US$138bn in the first two days of the conference, with that figure expected to rise.
However, the country?s president, Abdel Fattah Al Sisi, said in his closing speech that as much as US$300mn more would be needed in the coming years for the most populous Arab nation to achieve its full economic potential.
