LG Electronics to pump $50m investments in Egypt

LG Electronics Egypt is planning to up its investments in the country by $10 million in 2020 in order to launch new TV screens in the market.

The Executive Director of the General Authority for Investment and Free Zones (GAFI), Mohamed Abdel Wahab, explored with the Managing Director of LG Electronics Egypt, Billy Kim, the company’s plan to inject $40 million worth of new investments during the coming three years, according to a statement on Thursday.

LG seeks to launch new products in the coming period, including fridges, top load washing machines, and microwaves, as well as new sizes of TVs.

The two sides also discussed the possibility of manufacturing spare parts and components in Egypt to be exported to markets in the MENA region, which would increase the company’s investments by $200 million annually.

The company’s industrial complex in Egypt has more than $500 million investments and created about 3,000 jobs.