Global electronics maker Samsung has started production at its first factory in Egypt, the South Korean company stated on Tuesday.
Samsung added that it aims to supply the Egyptian market with the latest technology in LED screen manufacture, in addition to providing thousands of job opportunities in the southern governorate Beni Suef where the factory is located.
The official unemployment rate in Beni Suef governorate floats at around 6 percent, but observers estimate the acutal number of the jobless to be much higher that official numbers.
“The establishment of this factory will turn Egypt into a regional hub for the manufacture and export of Samsung products to all Middle East markets, which will create an opportunity to expand core strategic investments,” said Kinam Lee, Samsung Egyptian factory CEO in a statement.
In late 2012, Samsung announced it would be investing LE1.7 billion ($279.3m) in its first Egyptian plant in a strong message encouraging investors to increase their investments in the country.