On Saturday, March 29, Minister of Investment and Foreign Trade Hassan El Khatib met with Wonkyong Kim, CEO of Samsung Egypt, to discuss the company’s ongoing projects and its plans for expanding operations in the Egyptian market. The meeting, attended by senior officials from both the Ministry of Investment and Samsung, highlighted the growing collaboration between the Egyptian government and the global electronics giant.
Minister Khatib praised Samsung’s continuous progress in Egypt and emphasized the company’s crucial role in supporting the local electronics sector. He reaffirmed the government’s commitment to fostering a competitive business environment by providing incentives and efficient services for investors seeking to grow their presence in Egypt.
He also stressed Egypt’s ambition to become a regional hub for technology industries, leveraging its strategic location and its extensive network of free trade agreements to open doors to global markets. The Minister further highlighted the importance of public-private cooperation in driving sustainable development, noting Samsung’s significant contributions to job creation and local manufacturing.
In response, Wonkyong Kim commended the Egyptian government’s support for Samsung’s investment and expansion efforts. He outlined the company’s plans to expand its operations in Egypt and increase exports to regional and global markets.
In August 2023, Samsung Electronics Egypt was granted an exclusive license by the Egyptian government to establish a mobile phone manufacturing facility in Beni Suef. The 6,000-square-meter plant aims to produce mobile phones for both local consumption and export, creating approximately 1,400 direct and indirect jobs.
Egypt has introduced a range of investment incentives to attract foreign direct investment (FDI) in strategic sectors, including electronics manufacturing. In August 2023, the government launched tax exemptions for projects in key industries, providing up to five years of tax relief, excluding VAT.
Samsung plans to position Egypt as a regional production and export hub, targeting markets in the Middle East, Europe, and Africa. The company aims to boost its exports by 50%, building on its current export volume of $700 million.
These developments further solidify the growing partnership between Egypt and Samsung, contributing to the nation’s goal of becoming a leading regional center for technology industries.
