Egypt affirms commitment to supporting investments

Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, reaffirmed the government’s commitment to supporting both domestic and foreign investments operating within the market.

In a recent meeting with the CEO of Samsung Electronics’ manufacturing plant in Beni Suef, the minister highlighted the government’s commitment to boosting the productivity and competitiveness of these investments, both locally and globally.

The electronics sector was highlighted as a critical pillar of the national economy, contributing significantly to meeting local market demands and facilitating exports to foreign markets, as per a Cabinet statement on Tuesday.

The minister highlighted the plant’s positive impact on the local community, providing approximately 5,000 direct and indirect job opportunities for the people of Upper Egypt.

John Soo Jung, CEO of Samsung Electronics’ Beni Suef plant, expressed the company’s ambition to establish Egypt as a regional hub for production and exports, serving the Middle East, Europe, and Africa.

He noted that 85 per cent of the plant’s television production is currently exported to over 55 countries, solidifying Samsung’s position as a leading exporter in Egypt’s engineering sector since 2015.

Samsung’s first plant in the Middle East and Africa is a major investment of over $700 million with an annual production capacity of six million units of TVs, mobile phones, and tablets, according to the statement.

Attribution: The Cabinet statement

Subediting: M. S. Salama