KONKA to Establish New Factory as a move to Captivate the Market in the Middle East and Africa
CAIRO, Egypt, July 29 2019 /PRNewswire/ -- KONKA(000016.SZ),a leading Chinese home appliance company, is set to establish a joint venture with the HOHO, an Egypt-based home appliance company, which is followed by an investment for the construction of a new factory. Set to begin in early August, the establishment of the international joint venture is a significant step in the launch of KONKA's strategic expansion into the global arena.
KONKA has already proven its popularity among the Egyptian households with its TV products reaching the top spot on Jumia, the largest e-commerce site in Africa. Riding this momentum, the company entered the strategic cooperation with Jumia in early 2019, accelerating the implementation of its localization strategy for Africa and the Middle East. By boosting the development which primarily is based on traditional trade, the alliance is set to establish an integrated supply chain with the sights on product and brand differentiation for the local market.
"To expand along the Belt and Road, the joint venture will bring together two companies with decades of industry experience to create innovative products for local communities", said Chang Dong, Assistant President of KONKA Group Co., Ltd and President of KONKA Electronic Technology Co., Ltd. Adding, "through this cooperation, we will strengthen our commitment to providing high quality, affordable appliances."
In 2018, KONKA's R&D investment increased by 20.26% year-on-year, covering semiconductor technologies, Internet of Things (IoT) and improving the company's supply chain. By focusing on AI, 5G, 8K and other multi-dimensional sectors, KONKA is committed to building an IoT controlled - TV-based - intelligent hub.
It has won the "National Science and Technology Progress Award", "AWE Epland Golden Award" and "CITE2019 Innovation Award" in 2019, with the release of the APHAEA-A3 8K TV set equipped with ultra-high-resolution imaging chip developed by KONKA R&D lab.
Beyond Africa and the Middle East, KONKA has established a robust domestic supply chain which will boost the delivery of innovative products to countries along the Pacific Rim.
About KONKA Group
Founded in 1980, KONKA Group Co., Ltd started as China's first electronic Sino-foreign joint-venture. With its main business lines covering multi-media consumer electronics, portable communication products, home appliances, satellite set-top boxes and upstream components. In 2019, KONKA ranked 196th with 46.126 billion RMB in revenue in the "Top 500 Enterprises" published by "Fortune" magazine. To date, KONKA's products have reached households in 100 countries and regions in Asia, the Middle East, Australia, Africa, Europe and America.
About HOHO
Covering an area of 300,000 square meters, the Egyptian electronics manufacturer, HOHO Electrical & Furniture Co., Ltd, was founded 2009. The company's flagship products include TVs, and LED lights, electrical kettles and vacuum cleaner.
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