LG to Expand Investments Worth $17m in Egypt

By Ahmed Yasser

CAIRO, Mar .30. (SEE)- LG Electronics Egypt announced on Friday it's plans to increase new investments into the Egyptian market with 3 lines  production of refrigerators, automatic washing machines and microwaves with a total investment $ 17 million.

Minister of Commerce and Industry Amr Nassar met  Don Kawak, Chairman of LG Electronics Egypt, and Vice President Alaa Omar to discuss the company's expansion in the Egyptian market and increase of its exports abroad.

Kwak, reported that the company has been in the Egyptian market since 1990, its investments currently worth  240 million dollars. The company's new investment plan includes a new line for the production of refrigerators before the year end and 50% of the production will be allocated to the local market, and the rest will be exported to foreign markets.

Amr Nassar and Don Kawak

Also, the second production line will be opened early next year and will be devoted to the production of automatic washing machines with upper openings, with large sizes ranging from 13 to 23 kg to suitable the needs of the Egyptian consumer.

The production line investments total to $3 million with a local component of 50% and the third line will be launched next year with investments reach to $2 million for microwave production.

The firm will expand in manufacturing microwave ovens, fridges, and washing machines. Also, it will export products to many countries, including Libya, Syria, Tunisia, Morocco, and other African countries, under the slogan ‘'Made in Egypt''.

L.G seeks to increase its exports value through entering new markets in Africa, a move that coincides with Egypt’s presidency of the African Union (AU) in 2019. The firm confirmed that current period is the best for investment in Egypt benefiting from the development of infrastructure. It plays an active role in world markets with its assertive global business policy, as well as controlling over 100 local subsidiaries worldwide with roughly 74,000 executives and employees.