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Egypt Explores Investment Opportunities with Samsung Officials

February 7, 2024
Image Credit: Egyptian Cabinet/Facebook

Egyptian Prime Minister Mostafa Madbouly met with high-ranking officials from Samsung Electronics Egypt on 6 February to discuss ways to enhance investment prospects and cooperation in the country.

The meeting, also attended by Minister of Trade and Industry Ahmed Samir and CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba, focused on exploring avenues for increased investments in light of the government’s recent incentivisation programme to boost privatisation.

In a post-meeting Cabinet Facebook statement, Madbouly commended Samsung’s significant presence in Egypt’s market, noting its pivotal role in manufacturing electronic devices such as televisions, screens, mobile phones, and tablets.

The Korean conglomerate currently dominates Egypt’s phone market, with 25 percent of citizens owning a Samsung handheld.

He underscored Samsung Electronics’ importance as a strategic partner for the Egyptian government, particularly in supplying one million tablets to the Ministry of Education, facilitating the integration of modern technologies into the country’s education system.

In response, Jun Su Jung, Chairman of the Board of Directors of Samsung Electronics Egypt, outlined the company’s plans to bolster its exports from Egypt to the European market – highlighting Samsung’s ongoing efforts to localise manufacturing operations in Egypt.

Samsung Electronics Egypt aims to increase its exports by 50 percent in the near future, building on its current USD 700 million (EGP 21.6 billion) export volume, according to the Cabinet statement.

Jung also noted the company’s recent achievement of obtaining a golden license in August 2023 to streamline electronics manufacturing in Egypt.

With approximately two thousand employees in Egypt, including marketing, sales, and factory workers, Samsung Electronics Egypt plays a crucial role in local production and export-oriented strategies.

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