Hossam Haiba, CEO of the General Authority for Investment and Free Zones, met with John Soo Jung, President of Samsung Electronics – Egypt, to discuss the company’s expansion plans in the Egyptian market.
Haiba emphasized that the cooperation between the two sides resulted in an inspiring success story for investment in Egypt, as the company’s investments exceeded $500m, so that the company succeeded in meeting the needs of the domestic and foreign markets, and its sales exceeded the barrier of $1.3bn, and it became the first exporter in Egypt in the field of electronic devices. Benefiting from the trade and investment agreements that Egypt concluded with many countries and blocs, Samsung also contributed to achieving economic development plans and technology localization by manufacturing educational tablets and mobile phones, in addition to providing 5,000 direct and indirect job opportunities.
The two sides reviewed the company’s investment plans according to the latest developments in the investment environment in Egypt, the most important of which is the establishment of the golden license unit, which is granted by the Cabinet to companies within twenty days only. The golden license system to establish their next factory, in addition to the incentives and benefits stipulated in the regulations and legislation regulating investment in Egypt.
Haiba stressed that the Egyptian government is counting on partnership with the private sector to achieve its goals and strategies, the most important of which is the transition to a strong digital economy that relies on equitable access to knowledge at reasonable prices, in addition to developing the competitive and innovative national information and communication technology industry.
He added that the interest of one of the largest electronic companies in the world to expand and discuss increasing its investments in Egypt reflects the confidence of foreign investment in the Egyptian investment climate, stating that the authority is fully prepared to provide all the necessary facilities and facilities to support global investments and support its expansion plans.