Minister El-Khatib, Samsung Discuss Major Expansion Plans In Egypt
Date
8/27/2024 3:19:42 PM
(MENAFN- Daily News Egypt) Hassan El-Khatib, Minister of investment and Foreign Trade, held an extensive meeting with a delegation from Samsung Electronics' factory in Beni Suef, led by CEO John Seo Jung. The discussion centred on the company's investments and expansion plans in the Egyptian market.
The Minister emphasised the ministry's commitment to providing comprehensive support to local and foreign investments in Egypt. He highlighted the importance of enhancing productivity and competitiveness on domestic and international fronts. Al-Khatib noted that the Electronics sector is a crucial part of the national economy, significantly contributing to local market demands and exports.
The meeting reviewed the Samsung Electronics factory in Beni Suef, the company's first in the Middle East and Africa, with an investment exceeding $700m. Its current production capacity is 6 million units annually, including televisions, mobile phones, and tablets.
John Seo Jung stated that Samsung aims to make Egypt a regional hub for production and export, serving the Middle East, Europe, and Africa. He highlighted that 85% of the factory's television screen production goes to over 55 countries. Since 2015, Samsung has led the engineering sector in exports.
Additionally, the factory provides approximately 5,000 direct and indirect job opportunities for residents of Upper Egypt.
The meeting was also attended by Hossam Heiba, Chairperson of the General Authority for Investment and Free Zones, Amani El-Wassal, Head of the Agreements and Foreign Trade Sector, and several other officials from the ministry and the company.
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