South Korea’s Samsung aims to expand in Egypt

South Korean tech giant Samsung said it aims to expand production lines in Egypt for home appliances and mobile phones, a statement by the Egyptian investment and international cooperation ministry said.

The Egyptian investment ministry quoted Samsung officials as saying during a high-profile Egyptian delegation’s visit to the East Asian country that it has invested $265 million in Egypt in the past years.

The volume of exports have risen to $780 million through Egyptian-made electronics to 42 countries.

The statement came during an Egyptian-South Korean business forum, which saw the biggest gathering by South Korean investors with representatives from Egyptian companies.

According to the statement, the South Korean deputy prime minister and minister of economy and finance Hong Nam-ki said that Egypt enjoys a strategic location for tourism, investment, and establishing logistic zones.

Since Monday, Egypt’s Investment and International Cooperation Minister Sahar Nasr, Finance Minister Mohamed Maait, and Suez Canal chairman Mohab Mamish flew to South Korea to discuss attracting South Korean investments to Egypt.

South Korean investments in Egypt stand at $560 million through tech giants LG and Samsung, according to Egyptian officials.