According to industry reports, the Korean tech giant will be adding technology development and product testing facilities to their existing factory in Beni Suef.
Samsung Electronics is doubling down in Egypt. The massive electronic firm has announced that it will be expanding its factory in Beni Suef, by establishing a research and development centre.
According to industry sources on March 24th, the Korean tech giant is planning to inject another US$40 million in its factory located in the rural governorate. The 366,000 m2 factory, which was completed last September, currently produces TVs and monitors for ten countries in the MENA. With this boost in investment, Samsung is hoping to expand by increasing the production of washing machines, refrigerators and air conditioners, as well as building as focusing on developing and testing new products and technologies in the new facility beside the factory.
Samsung's decision to expand in Egypt is part of a larger strategy of using Egypt as a strategic outpost to target the MENA region. It also doesn't hurt that Egypt has huge domestic demand and an abundant labour pool. If that wasn't a good enough reason, then one could assume that Egypt's corporate taxes being decreased from 32% to 20% makes it a good time to invest in Egypt.