China’s Konka Group opens USD 30 mn TV factory in Beni Suef
China’s Konka Group has inaugurated a USD 30 mn LED TV factory in Beni Suef with an annual production capacity of 600k units, Xinhua reported. The company plans to invest USD 70 mn in setting up an industrial park that can expand production to 1 mn units per year. It is expected to become Konka Group's manufacturing base for the Middle East, Africa, Europe and the United States. The manufacturer is planning to invest a total of USD 100 mn in Egypt by the end of next year, and increase the domestic component percentage to 70% from 50% by next year, Vice President Ahmed Abdel Hamid said, according to Amwal Al Ghad.