Cairo – Mubasher: Seoul-based LG Electronics is looking to invest $15 million in Egypt.
The South Korean electronics company is planning to expand its current production lines in Egypt after its investments volume stood at $240 million, managing director for LG Egypt Don Kwack said.
Kwack remarked that this is the best time for investing in Egypt, according to a statement by the Egyptian investment ministry.
There are many different investment opportunities in Egypt, he added, pointing out that LG’s exports in the North African nation reached $200 million last year, accounting for 75% of the company’s total production.
LG aims to boost its export base by opening new markets in Africa amid Egypt heading the 2019 African Union, Kwack noted.
For his part, LG Egypt’s vice chairman said that the company is planning to expand in microwaves, fridges, and washing machines production.
Omar stressed that the company’s products are not only dedicated for the local market, but they are also being exported to several Arab states such as Libya, Syria, Tunisia, and Morocco, as well as the African countries under the logo of “Made in Egypt”.
This came as a result of a meeting between the Egyptian investment and international cooperation minster Sahar Nasr and LG’s top officials.
