Samsung starts first factory in Middle East, Africa to boost Egypt's manufacturing sector
Date
5/19/2024 8:57:34 AM
(MENAFN) Jeon Soo-jung, Chairman of the Board of Directors of the Samsung Egypt Factory, highlighted the significance of the Samsung Electronics factory complex in Beni Suef Governorate during a visit by Egyptian Prime Minister Mostafa Madbouly. According to a statement from the Egyptian Council of Ministers, this facility is Samsung's first in the Middle East and Africa, and one of its 14 factories worldwide. Remarkably, the factory was established in just 10 months, quickly evolving into an integrated complex.
Jung detailed that the factory's current production capacity stands at 6 million units annually, encompassing televisions, mobile phones, and tablets. The total investment in the Samsung Beni Suef factory exceeds USD700 million, with an additional USD85 million invested from 2022 until 2024 to bolster the manufacturing of mobile and tablet devices. These investments underscore Samsung's commitment to enhancing its production capabilities and expanding its product offerings in the region.
The factory's strategic importance is further emphasized by Samsung's ambition to transform Egypt into a regional production and export hub, serving markets in the Middle East, Europe, and Africa. Notably, 85 percent of the television screens produced at the Beni Suef factory are exported to over 55 countries. Since 2015, Samsung has maintained its position as the leading exporter in the engineering sector, a testament to the factory's pivotal role in the company's global operations. This development highlights the potential for Egypt to become a key player in regional manufacturing and export activities.
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