Prime Minister Mostafa Madbouly visited on Saturday a number of industrial investment projects in 10th of Ramadan City.
Madbouly started his visit by inspecting the LG – Egypt factory. He was accompanied by Assem El-Gazzar, Minister of Housing, Utilities and Urban Communities; Hossam Haiba, CEO of the General Authority for Investment and Free Zones; Billy Kim, General Manager of LG Egypt; and LG Egypt Vice President Alaa Omar.
The Prime Minister confirmed that his visit to a number of factories comes within the framework of the Egyptian state’s interest in supporting and encouraging the private sector. In addition, increasing its participation in various economic activities and sectors, especially in industry, as it is an important sector of the Egyptian economy, through its contribution to increasing volume of production, providing more job opportunities, and increasing the volume of national exports.
Madbouly highlighted the continued efforts of various concerned state agencies to work to create an attractive climate for investments in various sectors, and to ensure the continuous follow-up of the businessmen and investors community, to deal immediately with any challenges that may face their work. Besides, continuing to work to provide more services, facilitations and incentives that would contribute to attracting more domestic and foreign investments, to establish new companies and factories, or to expand existing ones, in order to achieve desired goals of the Egyptian economy in general, and the industry sectors, and exports in particular.
LG Egypt’s investments amounted to $300m for producing televisions, washing machine, refrigerator, LG Egypt President Alaa Omar has said.
Omar added that the company exports about 55% of its total production.
Omar added that LG’s production volume reaches approximately 1.5m televisions, which are produced on three production lines, as well as about 500,000 washing machines produced on one production line. Number of workers in the company reached roughly 1,500 workers in addition to seasonal employment.