Jun Su Jung, Samsung- Egypt Chairman stressed the company's keenness to expand in the Egyptian market as it is one of the most important production and export hubs in the Middle East and the African continent, noting that the company currently produces about 2 million mobile phones annually and aims to increase it to 5 million devices annually.
This came during a meeting with Ahmed Samir, Minister of Trade and Industry.
The meeting, which came on Tuesday discussed the company’s current projects in the Egyptian market and future projects that the company is considering implementing in Egypt during the next stage.
The minister said that the meeting reviewed the company’s project in Beni Suef Governorate to produce electronic devices, which meets the needs of the local market and exports to foreign markets, in addition to providing thousands of job opportunities for the people of the governorate.
He pointed out that the Egyptian market possesses all the investment capabilities and components that qualify it to receive more international investments, especially In the field of electronic industries.
On his part, Jung stressed the company's keenness to continue and expand in the Egyptian market as it is one of the most important production and export hubs in the Middle East and the African continent, noting that the company currently produces about 2 million mobile phones annually and aims to increase it to 5 million devices annually.
He added that the network of preferential free trade agreements signed between Egypt and a large number of regional and global markets contribute to increasing the access rates of the company's exports to these markets with preferential advantages.
Samir explained that the Ministry has identified 152 investment opportunities, including 483 customs items, to begin manufacturing them locally with the aim of deepening the national industry and providing the industrial sector’s needs for production inputs, pointing out the Ministry’s readiness to provide all aspects of support to Samsung International to pump new investments into the Egyptian market and begin manufacturing a number of these items in Egypt.
The minister pointed out that the state is currently providing a large incentive package to support strategic investment projects, including exemption from taxes for a period of 5 years or more, and a refund of 50% of the value of industrial lands in the event that the project is completed within 18 months from the start of implementation, in addition to expanding the granting of gold licenses for investors, in addition to the possibility of benefiting from the export support and burden rebate program.