(MENAFN - Daily News Egypt) Minister of Trade and Industry, Amr Nassar, met with Don Kwak, managing director of LG Electronics Egypt, on Saturday. The meeting discussed the company's future plans to expand into the Egyptian market, and increase the company's exports to foreign markets.
Moreover, Nassar said in a statement that the meeting reviewed the company's desire to deepen the local manufacturing of its products by increasing the use of local components.
'The company is currently focusing on African markets, in line with the ministry's efforts to expand into new markets. LG will focus on 12 markets in east and west Africa. The company is already exporting its products to a number of African countries, most important of which is Morocco,' Nassar explained.
Consequently, the ministry is ready to provide all support to companies operating in the Egyptian market to overcome any challenges that may face them, he added.
Pointing out, that the company is currently planning to produce new products for export to foreign markets and meet the needs of the local market.
In 2018, the company exported 60% of its production to foreign markets and allocated 40% of production to the local market.
In his almost three years as managing director for LG Electronics Egypt, Kwack has gained first-hand experience of conducting business in Egypt at potentially the most difficult point in Egypt's business history.
Kwack said that the company has been strongly present in the Egyptian market since 1990, where the company established its first factory in Egypt to produce televisions.
In 2014 the company established its second factory in the 10th of Ramadan City with total investments of $170m for the production of televisions and washing machines.
Furthermore, in 2017, the latest production line of electric washing machines was inaugurated at the 10th of Ramadan City with investments of EGP120m.