Technology giant, Samsung Electronics plans to pump new investments of up to US$35 million in its Egypt-based factory, head of the General Authority for Investment Hassan Fahmy announced.
Samsung’s new move is part of the second phase of its expansion plan in the Egyptian market, added Fahmy.
Samsung’s factory in Egypt locates in the Kom Abu Radi Industrial Zone in Beni Suef, covering over 336,000 square metres.
On the sidelines of Egypt-Korea Business Forum held on Tuesday, Fahmy referred that Samsung’s investments in the first phase of its factory reached US$40 million for the manufacture of LCD screens. The total investments of the three phases of Samsung’s factory would amount to US$260 million approximately, he added.
Moreover, Fahmy revealed that Samsung, out of its corporate social responsibility, has decided to build several schools to serve the residents of the area its factory is located.