Executive Director of the General Authority for Investment and Free Zones (GAFI), Mohamed Abdel-Wahab, and Managing Director of LG Electronics Egypt, Billy Kim, discussed the latter’s plans to increase its investments in Egypt by $10m during 2020.
The two parties also discussed the company’s plan to inject new investments over the next three years, worth $40m, to add new products, including refrigerators, top-loaded washing machines, microwaves, and new sizes of TV screens.
Abdel-Wahab pointed out that the Korean company “LG” adheres to the system of investment zones in the 10th of Ramadan City, and that the injection of new investments confirms the company’s confidence in the Egyptian economy.
He pointed out that GAFI provides all facilities and incentives to the feeder industries in order to deepen the local industry and provide the components involved in this advanced industry.
Abdel-Wahab and Kim discussed LG’s plan to transfer the parts, components, and spare parts industry outside South Korea and move its technology to Egypt to cover a number of markets in the region, which include the Middle East and Northwest Africa, especially as this industry will increase the company’s investments by about $200m annually.
The managing director of the company said that its project in Egypt is an industrial cluster that includes four Korean companies to produce the components needed for the industry as well as produce the final product through “LG”, indicating that the volume of the industrial cluster investments exceeds $500m and provides 3,000 jobs.