South Korean giant LG Electronics is to pump investments worth EGP 2 bn (USD 120 mn) in the Egyptian market, Invest-Gate reports.

The investments will be directed to a new project established on a land plot spanning 207,000 square meters in 10th of Ramadan city.

“In the light of the success achieved by the company in this field, the company has increased the production of all types of telephones with a capacity of 300,000 devices annually,” says LG Egypt’s Vice-President Alaa Omar. “The company is now working on the production of television sets,” he adds.

Omar also points out that the company’s products are not limited to the local market, but LG is also exporting “Made in Egypt” products to many Arab countries such as Libya, Syria and Tunisia, as well as the African market.

“The production line of washing machines will begin at the end of May. A total of 100,000 washing machines are gradually increasing in the coming years with the aim of exporting a large proportion of it,” Omar adds, revealing that the production of air conditioners and fridges will also start soon in Egypt.