Minister of Investment and Foreign Trade Hassan El Khatib met on Saturday 29 March with Samsung Egypt CEO Wonkyong Kim to discuss the company’s ongoing projects and future plans to expand its operations in the Egyptian market.
The meeting, attended by senior officials from both the Ministry of Investment and Samsung, highlighted the growing partnership between the Egyptian government and the global electronics giant. Khatib praised Samsung’s continued progress in Egypt, emphasizing the company’s vital role in supporting the local electronics sector.
Khatib reiterated the government’s dedication to creating a supportive and competitive business environment by providing incentives and streamlined services for investors aiming to grow their presence in the Egyptian market.
He also noted that Egypt aspires to position itself as a regional center for technology industries, leveraging its strategic location and broad network of free trade agreements that open doors to a wide range of global markets.
He underscored the importance of public-private cooperation in advancing sustainable development, noting Samsung’s contribution to job creation and local manufacturing.
Wonkyong, in turn, praised the Egyptian government’s backing of Samsung’s investment and growth efforts in the country. He stated that the company intends to broaden its operations in Egypt and boost its export levels to both regional and global markets.
In August 2023, Samsung Electronics Egypt secured an exclusive license from the Egyptian government to establish and operate a mobile phone manufacturing facility in Beni Suef. This 6,000-square-meter plant, aims to produce mobile phones for both domestic consumption and export, generating approximately 1,400 direct and indirect jobs.
Egypt has implemented a series of investment incentives to attract foreign direct investment (FDI) in strategic industries, including electronics manufacturing. In August 2023, the government introduced tax exemptions for projects in strategic sectors, offering up to five years of relief from all taxes except the value-added tax (VAT).
Samsung aims to position Egypt as a regional hub for production and export, serving markets across the Middle East, Europe, and Africa. The company plans to increase its exports by 50%, building upon its current $700 million export volume.
These developments reflect the strengthening partnership between Egypt and Samsung, contributing to the nation’s goal of becoming a regional center for technological industries.
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