SHENZHEN, China, Aug. 23, 2019 /PRNewswire/ — On the afternoon of August 1, HOHO, an Egyptian electrical appliance company, and KONKA, a leading Chinese home appliance company, established cooperative relationship at Four Seasons Hotel, Cairo, in a bid to establish a joint venture company to expand their operations in the African market with concerted efforts. Former Prime Minister of Egypt, the Counsellor of the Chinese Embassy in Egypt, the Secretary-General of the Cairo Chamber of Commerce and main partners of KONKA in Egypt were present at the event.
This comes as another milestone for KONKA to explore the African market. Earlier, KONKA had already begun to explore the African market by formally joining hands with JUMIA, the largest e-commerce platform in Africa. It reached the top of the platform in TV sales in Egypt within three months, enjoying a good reputation in the local market.
At present, China’s color TV market is experiencing a slowdown. As a populous country in the Middle East and Africa, Egypt, boasting its fast-growing market and low labor costs, has drawn the attention of many Chinese home appliance companies. However, KONKA adopts a new model of localized operation this time, quickly opening up the local market with HOHO’s mature industrial production qualification and sales network. “A differentiated development strategy serves as the greatest value for KONKA to step into African market and spread its wings,” said Chang Dong, Assistant President of KONKA Group Co., Ltd..
KONKA is not just eyeing the Egyptian market, but also other major markets in Africa. The joint venture is capable of manufacturing more than 50% of featured products locally. When the market operations and development get stable, KONKA’s influence may be further spread to the Middle East, Africa and even Euro-American region.