Samsung Plans to Increase Made-in-Egypt Exports to $1 billion by 2014-end

Samsung Electronics Co., Ltd is seeking to increase its exports from the Egyptian market to hit US$ one billion by the end of 2014, Samsung Egypt’s Managing Director Seung-ho Yun announced on Sunday.

He also revealed Samsung Egypt’s ambitious plans to boost production to 8 million screens within the coming 5 years.

During his meeting with Egypt’s Investment Minister Osama Saleh on Sunday, the Korean official said the investment cost of Samsung Egypt’s Beni Suef factory amounts to EGP 1.7 billion to produce around 3 million TV and computer screens.

From his part, minister Saleh stressed his ministry as well as GAFI’s keenness to provide investors with full support and facilitations, with the aim of alluring them to double and expand businesses in Egypt within the current phase.

Moreover, the Egyptian minister recommended, during the meeting, to form a follow-up team to assist Samsung Egypt’s plans whether to pump more investments or to establish its technological city in Egypt which is due to be launched within months.