Billy Kim, CEO of LG in Egypt, revealed that the company plans to increase its exports of washing machines and TV screens manufactured in Egypt to 70% in the coming years.
Kim added that the remaining 30% of these locally manufactured products will be directed to local consumption.
He added that the company has invested $50m to establish local production lines for automatic washing machines, and plans to pump further investments to establish production lines of its distinctive OLED TVs.
Kim’s remarks came on the sidelines of a virtual press conference, on Monday, to launch LG smart air filter devices in the Egyptian market.
During the press conference, the company said that World Health Organization (WHO) data shows Cairo as one of the most polluted cities in the world, with the city having air purity of between 10 and 100 times less than international standards. Air samples taken in Cairo also show an increase in the percentage of pollutants due to car exhaust and factory smoke.
LG’s sales were affected at both the local and global levels during the second quarter (Q2) of 2020, due to the novel coronavirus (COVID-19) pandemic. The company bounced back in Q3 of 2020, Kim said, and witnessed strong growth especially in the Egyptian market.
Kim said that the pandemic-related shift to e-commerce has strongly boosted sales, with the company keen to focus on expanding in this area in the coming period.