Samsung Group has announced its intention to invest $84m in Egypt over five years, according to Minister of Trade and Industry Nevine Gamea.
The multinational conglomerate’s investments will go towards constructing new factories producing computer screens, alongside a TV production plant.
Gamea said that in the coming period, her ministry, represented by the Industrial Development Authority (IDA), and Samsung, will complete the procedures for establishing the new expansions.
The minister said that the government recognises Samsung’s large investments in the Egyptian market, whilst also providing thousands of job opportunities in the governorates of Upper Egypt.
Gamea added that Samsung’s project in Egypt will increase the country’s electronics exports, as the former exports over 85% of its production to a number of Middle Eastern, European and African markets.
She affirmed her ministry’s full commitment to supporting investment projects in the Egyptian market, whether local or foreign. The Ministry of Trade and Industry provides the full range of industrial and commercial services to companies looking to invest and work in Egypt.
Gamea added that her ministry and its agencies are, in coordination with the relevant ministries and entities, working to solve the challenges these investments encounter.
In addition, Samsung will benefit from Egyptian commercial offices in African countries in promoting the company’s products and providing export opportunities in various markets of the continent.
Gamea noted that her ministry supports Samsung’s keenness to develop supply chains for the manufacture of raw materials. She noted that Egypt can reap the benefits of Samsung’s pioneering experience to localise the electronics industry, and achieve the ministry’s vision of replacing imports with locally-made products.