Duke Park, the General Manager of Samsung Electronics in Egypt said Samsung is seeking to increase its sales in the domestic market in Egypt with 50% within 2014 along with enhancing its productions in Beni Suef.
Park added in an interview as part of a ‘summit Reuters Investment in MENA’ that his company will complete its production by producing 1 million screens by the end of 2013, and it is aiming to produce four million screens and Televisions during the coming year.
Samsung is targeting to boost its sales in Egypt with 50% at minimum, the company has started actually the experimental production from its plant in Beni Suef the first in Africa and the Middle East – during the first half of 2013.
Park who works at Samsung for more than twenty years said we invest in Egypt in the long term. We Thought well before for investing in Egypt for two years and ‘we know well what to do. Egypt is a big country and market’.
Egypt is passing through hard economic situation since the decision of foreign investors and tourists after January 25 uprising that toppled Hosni Mubarak and ousting X-President Mohamed Morsi in June, noting that Samsung is ranked first in Egypt in terms of mobile phone sales and televisions and ranked second in computers monitors.
Park has stated that Samsung is producing around 50 million screens annually across the worldwide and it has a plant everywhere.
The Egyptian investment Ministry at the beginning of October that Samsung expressed willingness to establish a zone of Technology in Egypt.
Park told Reuters in the interview that the industrial area in Beni Suef area 360 K square meters takes only one-third of them so far and we have plans for expansion and exploitation of the entire space. Those are the technological area. We will complete all stages of manufacturing in 2017.
We are currently manufacturing television and computer screens and we will launch sheet lines for home appliances by the beginning of 2014.
Park has rejected to mention any financial details regarding Samsung’s business in Egypt, the initial investment cost of Samsung in Egypt worth EGP 1.8 billion ($261 million), and it will boost around EGP 9 billion by 2017.
Park has further emphasized that Samsung is aiming to export to Africa and Middle East throughout its plant in Egypt and it is seeking to export to Europe from Egypt by 2015.