Engineer Ibrahim El-Araby, FEDCOC Chairman and Cairo Chamber of Commerce Chairman, confirmed that most large companies decided to reduce the prices of their products by 10%.
El-Araby stressed that this initiative comes within the framework of the state’s contribution to the economic reform measures it has adopted in recent years and in support of the local product.
El Araby noted that the investment expansions this industry has made, especially in Upper Egypt, aimed at local industrialization and rising exports.
Ashraf Hilal, Head of the Household Appliances Division of the Cairo Chamber of Commerce, pointed out that the initiative should work to boost the demand and increase the purchasing power level, and that it is in the interests of the trader to lower prices in order to rotate the capital and push the output wheel and get the profits to the trader and the customer, adding that 90 per cent of home appliances traded in egypt are local manufacturing.
