Midea Group and the Confederation of African Football (CAF) also signed a sponsorship cooperation agreement on Wednesday at the headquarters of Midea Group in Foshan, south China’s Guangdong province. This move signals that Midea is poised to make a significant investment in the African market.
The company said that the African market has strong consumption potential. In recent years, Midea has increased its investment in Africa. Its newly built washing machine factory and refrigerator factory in Egypt are expected to start production in August and November this year, respectively.
Midea has established factories in Egypt and plans to expand its investment there. Egypt, as a strategic hub between Africa and the Middle East, offers market potential and policy support, facilitating Midea’s development in the region, according to the group.
Industry insiders believe that the current penetration rate of major household appliances in the African market is relatively low, indicating significant potential. Recently, Chinese home appliance exports to the West African market have been booming.
Currently, companies such as Midea, Haier and Vanward have invested in building factories in Egypt, while Hisense and Skyworth have established factories in South Africa. It is anticipated that Chinese home appliance companies will make more investments in Africa in the near future.
