LG Electronics Egypt intends to invest an additional $15m in the local market, said Don Kwak, the company’s CEO, noting that the company’s current $240m worth investments will hike to about $255m to finance expansion plans.
“Egypt has major investment opportunities. Our exports’ value reached $200m in 2018, which represented 75% of the company’s production,” Kwak stated following a meeting with the Minister of Investment and International Cooperation Sahar Nasr and the company’s Deputy CEO, Alaa Omar, on Monday.
On 5 January, Kwak met with the Minister of Trade and Industry, Amr Nassar, to discuss the company’s plans to expand in the Egyptian market and increase its exports to foreign markets.
The company 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, noted Kwak, adding that the current period is the best for investment in Egypt benefiting from the development of infrastructure.
“We will expand in manufacturing microwave ovens, fridges, and washing machines. We export our products to many countries, including Libya, Syria, Tunisia, Morocco, and other African countries, under the slogan ‘Made in Egypt’, said the company’s deputy CEO.
For her part, Nasr affirmed her ministry’s keenness on providing all the required facilities for investors, praising LG Electronics’ investment experience in the local market.
“We are fully supporting the private sector and the foreign companies to double their investments in Egypt. We look forward to new investments in all sectors,” mentioned the minister.
LG Electronics plays an active role in world markets with its assertive global business policy. It controls over 100 local subsidiaries worldwide, with roughly 74,000 executives and employees, according to the company’s website.