Global electronics company Samsung has set aside $84m to be invested in the Egyptian market over five years, according to Moussa Georgy, director of brand and public relations at Samsung Egypt.
Georgy noted that the size of the investment confirms the Egyptian market’s importance to the company.
He added that a total of $23m of this money will be used to establish a new production line located at the company’s Beni Suef factory, that will manufacture computer screens, The investment forms part of the factory’s expansion plans.
Georgy explained that the factory’s production of computer monitors feeds into local market and export demands to several African and European countries. This is in line with the company’s plans to use Egypt as an export base for a number of locally manufactured products, most notably television and computer screens.
Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones (GAFI) who met Chunki Kwan, Chairperson of Samsung Egypt’s Board of Directors on Sunday, said Samsung will benefit from the recent amendments to the investment law.
The amendments stipulate that the expansion of existing investment projects will enjoy investment incentives for new projects. They have, in turn, opened up new horizons for pumping huge investments into the Egyptian market.
Samsung’s Beni Suef factory exports 85% of its production of television screens to 36 countries, with the factory a contributor to the establishment of the Beni Suef Governorate’s industrial zone. The zone is the first of its kind for the company in the Middle East and Africa (MEA) region.
The factory, worth total investments of $270m, relies on the latest technology in producing television LED and QLED displays. It is considered one of 14 Samsung factories worldwide specialised in producing TVs.
Significantly, Samsung plans to manufacture the latest QLED 8K TV screen products for the first time in Egypt, which is evidence of the company’s global confidence in the competitiveness of Egyptian products. The factory also produces the largest share of Samsung products in the Middle East, Africa, and Southern Europe.