Official: Samsung plans to invest US$35 million in Egyptian market

The Korean company Samsung plans to pump new investments of up to US$35 million in its factory at Koam Abu Rady area for refrigerators and washing machines industry in Beni Suef, head of the General Authority for Investment Hassan Fahmy announced.

Samsung's new move comes as part of the second phase of its expansion plan in the Egyptian market, added Fahmy.

He pointed out on the sidelines of the Egyptian-Korean Business Forum that the company's investment in the first phase amounted to $40 million for the manufacture of LCD screens.