US conglomerate General Electric on Friday said it will set up a new training and manufacturing facility in the Egyptian canal city of Suez in an investment worth $200 million.
GE, considered a bellweather of global industrial activity, made the announcement on the sidelines of a major international conference hosted by Egypt to attract overseas investment in its troubled economy.
US Secretary of State John Kerry and hundreds of other prominent figures are attending the three-day conference at the Red Sea resort town of Sharm El-Sheikh.
GE's was the first major deal announced at the conference Friday.
"The new multi-modal manufacturing and training facility in Suez will serve Egypt and the region," General Electric said in a statement.
The facility will manufacture products used across GE's sectors such as power generation, oil and gas, aviation and rail transportation, it said, adding that the centre will create about 500 jobs for Egyptians over the next three to five years.
"The new multi-modal facility will deliver strong economic and social value to the country by supporting key high-growth industry sectors," GE Chairman & CEO Jeffrey Immelt said in the statement.
In a separate announcement, GE said it is on schedule to support Egypt’s power grid with 2.6 gigawatts (GW) by the middle of 2015.
To date, more than 70 percent of the advanced gas turbines supplied by GE have arrived on the ground for various power projects, it added.
Source: AFP