Head of the Industrial Development Authority (IDA) Mohamed Al Zallat said eagerness of the major electronic companies worldwide to expand and boost their investments in Egypt reflects the foreign investors’ confidence in the Egyptian market.

The IDA chairman made the remarks on Tuesday 2/11/2021 during an inspection tour of the new production lines of LG Electronics Factory at 10th of Ramadan city.

He added that electronics are among the industries that are targeted to be expanded by the government, noting that the IDA is keen to offer all needed facilitations and incentives to support international investments.

Zallat held a meeting with the LG Electronics officials to discuss a request by the company to establish a new factory for the production of refrigerators and microwaves.

The meeting touched on the possibility of exporting semi-assembled parts and components for the countries wishing to carry out simple manufacturing of home appliances locally.

Meanwhile, CEO of LG Electronics Corp. Tae Hyun said their new production lines were established on 60,000 square meters.

He added that investments of the new OLED TV factory are estimated at $8 million with production capacity hitting 5,000 TVs annually, noting that the company plans to boost its annual production to 100,000 TVs in 2022 and to 250,000 TVs by 2024.

Investments of the new refrigerators factory reached $5 million with production capacity hitting 150,000 units annually, he said, adding that the company targets increasing production to 350,000 units by 2024.

The total investment cost of the factory hit $250 million, the LG CEO said.

Egypt is sought to be a hub for exporting LG products to the COMESA, Arab and Middle East countries, he added.

Source: State Information Service Egypt