Samsung is planning to invest nearly USD 84 million in Egypt over the next five years to take advantage of new incentives announced by the government, Reuters reported. About USD 23 million will be invested in 2020 by Samsung Egypt, said Mohammed Abdul Wahab, CEO of the state-run General Authority for Investment and Free Zones (GAFI). He said the company intends to invest the sum to build a new production unit for computer screens.
Wahab said the project is part of a five-year investment plan by Samsung to take advantage of incentives announced by the government recently for new projects in Egypt. He said the computer screen project would be launched in August and would allow Samsung to boost exports to Europe and Africa, adding that around 85 percent of its products are exported and the rest marketed locally.
