LG Electronics’ investments in Egypt jump to $200 mln

LG Electronics’ investments in Egypt grew to $200 million, Tae Hun Ryu, head of home appliance sales and marketing for the Middle East and Africa, said on Thursday.

LG has an ambitious plan to expand home appliances production in Egypt through its 10th of Ramadan plant, Ryu told Amwal Al Ghad on the sidelines of an LG press conference in Seoul.

Asked about LG’s intentions to invest in Egypt’s mega project, the Suez Canal Economic Zone, Ryu said his company does not have a clear plan so far whether to make investments in the zone or not, he added.

The Middle East has been a welcoming market for LG products for many years. The company is keen on using new technologies and exploring the Internet of Things (IoT) to produce smart appliances that make everyday life easier, Ryu said.

On the other hand, Ryu clarified that LG produces different models of the one product in different launch dates; each to match every country’s needs unlike smartphones which are produced at the same time anywhere.

For example, the American consumer opts for double-door fridges unlike Asian consumers who prefer the single-door one. This explains why prices of LG products change from one country to another, Ryu concluded.