Samsung to Estabish First Factory in Egypt

An agreement has been signed this Tuesday between the Egyptian Ministry of Trade and Industry, of Investment, and the Governor of Beni Suef, as one party, and Samsung, as the second party, for establishing Samsung’s first factory in the Middle East.

Nevin El Shafei, Vice Chairman of the General Authority for Investment (GAFI),  stated in a speech delivered on behalf of the Minister of Investment Osama Saleh, that the factory will be built on a space of nearly 3700 m2 in Abu Radi in Kom Abu Radi, at an investment cost reaches up to EGP 1.7 billion. This factory will create 1400 job opportunities directly and 2000 indirectly.

El Shafei added that the factory will be established in 3 phases, pointing out that the first phase will be launched by the end of 2013 and that it will significantly contribute to boosting industry in Egypt.

Lee Kun-hee, Chairman of Samsung Electronics, emphasized that his company chose to launch its factory in Egypt due to its unique geographical location, noting that the factory will produce television screens and LCDs at the first phase of the factory and that it will generate many job opportunities.