Arab FinanceBilly Kim, Director of LG Electronics Egypt, said that LG International has agreed to launch a new line for producing refrigerators in Egypt with investments of $150 million.
During a tour of LG's factory in 10th of Ramadan City, Kim added that the new line is still in the preparation stage, as the company plans to manufacture all of its products in Egypt during the coming period.
He pointed out that the total investments of LG's factory in Egypt amount to about 340 million dollars, and the company accounts for about 20% of the television and washing machine market in Egypt, pointing out that the volume of LG's exports from its factory in 10th of Ramadan City during the past year amounted to about 500. Million dollars.
In a related context, Mohamed Hafez, director of the LG Electronics Egypt factory, said that the exports of the company’s factory in 10th of Ramadan City increased during the past three years by 46%, and sales of washing machines increased by 80%.
He added that the company's factory currently includes about 1,500 employees and workers, and 70% of the production is exported to 48 countries, most notably Saudi Arabia, the Emirates, and other African countries. The company's factory in 10th of Ramadan City includes 3 television production lines and one for washing machines, with a total of 1.5 million televisions and 750,000 washing machines annually. .
He pointed out that the percentage of local manufacturing in the company's products reaches 50%, and the company seeks to increase it in the future.
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