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Monday, 1 June 2020

Samsung is planning to invest USD 84 mn in Egypt over the next five years

INVESTMENT WATCH- Samsung is planning to invest USD 84 mn in Egypt over the next five years, including USD 23 mn for a new production line to assemble computers that is expected to go online in August, Samsung Egypt Chairman Choonki Kwon said yesterday during a meeting with GAFI boss Mohamed Abdel Wahab, Hapi Journal reports. Choonki did not disclose what the remaining investment is earmarked for. Samsung is looking to use Egypt as a regional production and export hub for the Middle East, Europe, and Africa, according to the newspaper. Samsung currently exports 85% of its output from its Beni Suef facility to African and European markets.

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