South Korea’s LG to inject $15 million in Egypt by 2020
South Korea’s LG Electronics intends to pump new investments of $15 million in Egypt to expand in production lines during 2020, said its representative director Do-Hyun Jung on Tuesday.
LG’s made-in-Egypt exports vaulted to around $130 million last year, Jung said at the Egyptian-Korean Business Council’s meetings in Cairo.
The company’s investments in Egypt stood at $280 million, employing 1,000 workers, he said.
In 2018, LG increased its capital by 180 million Egyptian pounds.
LG Electronics also intends to enhance cooperation with Egypt in the tablet manufacturing sector with investments of $170 million, Jung said.