(AFP Photo)
Global electronics player Samsung and Yemen’s Hayel Saeed Anam Group of Companies (HAS) have announced new investments in Egypt with a total value of $100m, a statement from Ministry of Industry and Foreign Trade said.
The announcement was made during Thursday meetings between Minister of Foreign Trade, Industry and Investment Mounir Fakhry Abdel Nour, officials of Samsung Electronics, Pirelli and HAS group and European Union (EU) ambassador in Cairo James Moran to discuss potential investment opportunities.
Abdel Nour said in his statement that Samsung plans to pump new investments, totalling $60m, into its Beni Suef factory, which is Samsung’s first factory in the Middle East and North Africa.
The Beni Suef factory, which produces televisions and monitors, registered exports with a value of $400m during the first six months of production, which began in June 2013; Samsung plans to mark $1bn in exports in the first year, the statement said.
Abdel Nour added that his ministry will offer the “needed support” to Samsung to establish its largest research and products development centre in Egypt, with high technological standards.
Meanwhile, HAS group pointed out that they are willing to invest $40m in solar panel production in Egypt, Abdel Nour said.
The value of the group’s established investments in Egypt in the fields of manufacturing, cooking oil, soaps and detergents amount to EGP 4bn.
Abdel Nour also met with Alberto Pirelli, Deputy Chairman of Italy-based PIRELLI, the leading tyre manufacturer, where the latter detailed his company’s plans to boost performance in the Egyptian market during the coming months.
During his meeting with Moran, Abdel Nour said that the government is currently reviewing legislations that organise investment in Egypt and will amend them in order to attract foreign investors.
The minister added that the government is also studying the use of alternative sources of energy, such as coal, in order to address the energy shortage crisis. “The government is also offering facilities for investors to invest in the new and renewable energy sector,” Abdel Nour said.