Government supports Samsung investments in Egypt

Ibrahim Mahlab has said that his government fully supports investments and activities of Samsung in Egypt.

The prime minister thanked officials at the electronics company for their effective participation in Egypt Economic Development Conference (EEDC).

He was speaking in a meeting with the board chairman of Samsung Egypt on Tuesday.

The board chairman said Samsung has been working in Egypt for two years now and has been sharing, through its factory in Beni Sweif, international advanced technologies in the manufacture of high-quality televisions.

The factory in Beni Sweif has also helped secure jobs for 2,400 youth in Upper Egypt, he said.

The factory also exports 85 percent of its products worth about one billion dollars, the board chairman added.

He made it clear that the company intends to increase its investments in Egypt through establishing three more factories to manufacture refrigerators, washing machines and air conditioners. This should cost about 300 million dollars, he noted.

He touched upon difficulties facing his company, particularly where customs and taxes are concerned. More relaxed measures will sure contribute to quickly establishing the factories, the board chairman said.

Mahlab assured Samsung that his government is acting to put an end to bureaucracy and remove obstacles hindering the flow of investments, the Cabinet spokesman said.

The premier immediately ordered the formation of a committee grouping representatives of the customs and tax authorities to remove obstacles facing Samsung in Egypt, the spokesman added.
Source: MENA