Samsung to invest $84mln in Egypt in 5 years

Project to manufacture computer screens to be launched in August

  
The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, August 25, 2017.

The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, August 25, 2017.

REUTERS/Kim Hong-Ji

South Korea's electronics giant Samsung is planning to pump nearly $84 million in fresh investments in Egypt over the next five years to take advantage of new incentives announced by the government, an official was quoted on Monday as saying.

About $23 million will be invested in 2020 by Samsung Egypt, an affiliate of the Samsung group, said Mohammed Abdul Wahab, CEO of the state-run General Authority for Investment and Free Zones (GAFI),

"The company intends to invest the amount in a project to build a new production unit for computer screens," he told Alahram Gate news website.

He said the project is part of a five-year investment plan by Samsung to take advantage of fresh incentives announced by the government recently for new projects in Egypt.

He said the computer screen project would be launched in August and would allow the Company to largely boost exports to Europe and Africa, adding that around 85 percent of its products are exported and the rest are marketed locally.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

#Egypt #Manufacturing #Electronics #Samsung

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