(MENAFN Editorial) The Japanese technology giant will manufacture over 16000 LED TVs before the end of 2017, to supply in the Egyptian market
Panasonic, one of the global leaders in technology, today expanded its presence in the Middle East and Africa region with the opening of the first TV manufacturing unit in Egypt. The Japanese manufacturer is collaborating with Arab Company for Electrical Equipment to produce over 16,000 Panasonic LED televisions before the end of this year.
This factory promises a state-of-the-art manufacturing unit that will employ 200 -250 personnel and further boost Egypt's growing manufacturing sector. According to industrial studies, Egypt has seen a burgeoning growth in all industrial sectors in the recent years, with manufacturing sector registering a 2.60% in April of 2017 over the same month in the previous year. The planning ministry of Egypt has set an annual growth target of 9% for manufacturing, increasing its share of GDP to 25% by 2020. The country has a growing population of people with disposable income and ambitious growth plans.
The 50,000 Sq Yard facility is located at Mostorod, Cairo, and was inaugurated by Mr. Daizo Ito - Managing Executive Officer for Panasonic Corporation, Regional Head India, South Asia, Middle East and Africa (ISAMEA) and other dignitaries, besides top executive from Panasonic.
Panasonic products have gained greater demand in Egypt, and the company's decision to establish a manufacturing unit in the country has received a warm reception by the citizens and electronic dealers in the country. The factory will cater to the domestic market demand with high-end TVs, which are known for their crispier picture quality and dynamic wide viewing angle in addition to the trusted Japanese quality.
Mr. Daizo Ito commented, 'The Egyptian market is one of the most promising markets in the North Africa region. It is also well-positioned, both geographically and logistically, to serve the whole MENA region. We, as a global leader in technology and consumer product sector, aim to support this growth. Our locally based TV manufacturing unit reflects Panasonic's Basic Business Philosophy of contribution to the society as it will provide various opportunities for Egyptian workforce to understand the Japanese Craft and Craftsmanship. It will open a new horizon for the market in terms of job creations and knowledge elevation.
The TV business has been the cornerstone of Panasonic for nearly 60 years since the company started producing TVs. Panasonic had TV sets on the market by 1952, well in advance of NHK's regular telecasts began in Japan. Panasonic's first television factory was established in 1958 as a base for mass-producing TVs in Ibaraki, Osaka, Japan. After recording a cumulative production of 100 million sets in 1985, the company began applying in 1988 the Panasonic brand name to all the TVs that it sold in Japan. In 2003, VIERA flat-panel digital TVs were released to coincide with the launching of terrestrial digital broadcasting in Japan and raised the curtain on a whole new era for TVs. Since then, Panasonic has rolled out premium quality TVs that have set new benchmarks in the home entertainment industry. The company's latest innovation a transparent OLED TV was first displayed at the CES 2016.