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Chairman of the Industrial Development Authority (IDA), accompanied with The French Ambassador in Egypt and Chairman of the international Schneider electric Co. opened on Tuesday 4th of November, 2008 the largest industrial complex for producing electric distribution switchboards, breakers, current relays and control panels with an Egyptian – French capital of LE250 million and a production volume of LE700 million providing 700 job opportunities. The complex covers an area of 45.000 m2 in the industrial Badr City.
On his side, the Company's Delegated Member, Immanuel Lomason said that 30% of production will be exported, pointing out that the company's investments within the last 10 months reached LE740 million. Schneider co. products are one of the industrial and national growth factors in Egypt in general, as its production represents 36.5% of the Miniature Circuit Breaker general product (MCB), 7% of the Molded Case Circuit Breaker's (MCCB), 0.1% of the electric distribution switchboard's and 3.45 of electricity distribution boxes he added.
On the other hand, IDA's report indicated that our exports of the electric breakers within the first 10 months of 2008 reached LE67.5 compared to LE39.6 million in the previous year, while the imports within the same period of the year hit LE21.4 million compared to LE208 million in the previous year.
Moreover, IDA Chairman stated that the French investments volume in Egypt is estimated at LE6 billion and LE815 million in the sectors of financial and banking services, construction materials, chemicals, automotive, infrastructure and tourism.
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