Minister of Trade and Industry Amr Nassar met with Chairman of LG Electronics in Egypt Don Kwak on Sunday to discuss the company’s plans of expansion into the Egyptian market and increase the exportation of its products towards foreign markets, notably in Africa.
Nassar stated that the meeting tackled the company’s desire to increase local made products within the Egyptian market and boost its exports towards 12 markets in Eastern and Western Africa.
Kwak said that the company established its first factory in Egypt for producing TV sets in 1990 and a second factory for producing TV sets and electric washing machines in 10th of Ramadan factory in 2014, with investments valued at US $ 170 million.
He added that the company has also opened production lines for manufacturing electric washing machines in 10th of Ramadan city with investments valued at LE 120 million in 2017.
LG Electronics is a South Korean multinational company specialized in the consumer electronics and home appliances industry.
Edited translation from Al-Masry Al-Youm