صدى البلد البلد سبورت قناة صدى البلد صدى البلد جامعات صدى البلد عقارات
Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Samsung: $700 Million Investment in Egypt


Sat 18 May 2024 | 11:59 PM
Samsung Galaxy Note 10
Samsung Galaxy Note 10
By Ahmad El-Assasy

Samsung Electronics has announced a total investment exceeding $700 million in its manufacturing complex in Beni Suef, Egypt. This facility, the first of its kind in the Middle East and Africa, and one of only 14 globally, was established in a record time of just 10 months, according to Jong Soo Jeong, Chairman of Samsung Egypt.

During a recent visit by Egyptian Prime Minister Mostafa Madbouly to the complex, Jeong revealed that the plant currently has an annual production capacity of 6 million units, including televisions, mobile phones, and tablets. The facility has received an injection of $85 million between 2022 and 2024, specifically for the production of mobile devices and tablets.

Jeong emphasized Samsung's commitment to making Egypt a regional hub for production and exportation, serving the Middle East, Europe, and Africa. Remarkably, the Beni Suef plant exports 85% of its television production to over 55 countries, maintaining Samsung's leading position in the engineering sector exports since 2015.

Samsung's presence in Beni Suef has not only augmented the technological sector but also significantly boosted local employment. The factory directly and indirectly employs about 5,000 workers, most of whom are from Upper Egypt. Jeong highlighted the company's dedication to training its workforce to international standards, with employees receiving specialized training in various Samsung facilities around the world, including South Korea, Russia, Hungary, and Malaysia.

Additionally, Jeong pointed out that the mobile phone manufacturing facility in Beni Suef alone accommodates about 1,400 workers and spans over 9,000 square meters. Plans are underway to complete expansions by the end of 2024, with production commencing in the first quarter of 2025.

Prime Minister Madbouly acknowledged Samsung's role in localizing advanced technology manufacturing in Egypt and affirmed the government's readiness to provide various incentives needed to enhance the company’s competitiveness and facilitate market access from Egypt.

This strategic investment by Samsung not only enriches Egypt’s manufacturing landscape but also strengthens its position as a pivotal economic player in the region, promising substantial economic and employment benefits for the local community.