In a significant move, the Egyptian Cabinet has granted “Samsung Electronics Egypt” the coveted golden license to establish and operate a state-of-the-art mobile phone manufacturing facility in Beni Suef Governorate.
In an official statement released on Wednesday, the Cabinet announced that the new facility will span an area of 6,000 square meters within the industrial zone of Al Wasaty City, located in the aforementioned governorate.
The Cabinet’s statement further clarified that the company is committed to completing the initial phase of the factory and commencing production in the latter half of 2024.
The project’s execution is slated for completion before the end of 2025, as stated, and the factory is projected to create approximately 768 direct and indirect job opportunities by the conclusion of 2025.
It’s noteworthy that Samsung’s investments in Egypt have already surpassed the half-billion-dollar mark, as per the General Authority for Investment and Free Zones’ May report.
The company’s sales have exceeded a staggering $1.3 billion, propelling it to become Egypt’s foremost provider of electronic devices. This ascent owes itself to the nation’s strategic trade agreements and investment ventures with multiple countries and blocs.
According to the Authority’s report, Samsung has played a pivotal role in realizing economic development plans and technology localization by producing educational tablets and mobile phones. This initiative has also resulted in the creation of around 5,000 direct and indirect employment opportunities.
This groundbreaking endeavor aligns with Egypt’s aspirations to foster technological advancements and industrial growth. As the world looks forward to witnessing the outcomes, Samsung’s commitment to Egypt underscores the nation’s stature as a burgeoning hub for innovation and enterprise.
This landmark decision by the Egyptian Cabinet to grant Samsung Electronics Egypt the golden license underscores the nation’s drive for industrial growth and technological innovation. With a spacious 6,000 square meter facility planned within Beni Suef Governorate’s industrial zone, Samsung aims to commence production in the latter part of 2024, contributing to the creation of nearly 768 direct and indirect jobs by the end of 2025. Samsung’s history of investments exceeding $500 million in Egypt, coupled with its sales exceeding $1.3 billion, solidifies its standing as a cornerstone of the nation’s electronic device market. Through strategic trade and investment agreements, Samsung has propelled itself to become Egypt’s leading electronics provider. Notably, the company’s contributions extend beyond sales figures. It has actively supported Egypt’s economic development plans, technological localization, and employment creation, especially through the production of educational tablets and mobile phones, fostering a significant societal impact. This venture represents Egypt’s growing significance in the global technological landscape and Samsung’s unwavering commitment to playing a pivotal role in the nation’s growth trajectory. As the factory comes to fruition, Egypt’s position as an emerging hub for innovation and industry is further solidified.
