Samsung to invest $23 mln in Egypt in 2020, $84 mln over 5 years

Samsung Electronics Egypt is pumping more investments worth $23 million in the Egyptian market in 2020 through inaugurating a new production line of computer screen panel next August.

The tech giant will pump new investments of $84 million withing the upcoming five years.

Chief Executive Officer (CEO) of the General Authority for Free Zones and Investment (GAFI) Mohamed Abdel Wahab discussed on Sunday with Choonki Kwon, the chairman of Samsung Electronics Egypt the company’s planned investments.

Abdel Wahab noted that Samsung would benefit from the new amendments to the investment law, which offers investment incentives for Samsung new projects.

The South Korean giant seeks to expand its activities in Egypt to export its products abroad as about 85% of its production is exported.

The two officials tackled implementing a joint plan to lure enormous investments in the feeding industries for Samsung to promote the local industry.

During the meeting, Kwon said Samsung Egypt’s successes contribute to turning Egypt into a major hub for export, noting that Samsung employs nearly 2,000 workers in Egypt.