CAIRO (Yonhap News) ― Samsung Electronics Co., South Korea’s leading tech firm, on Tuesday signed an investment agreement with the Egyptian government to build its first TV plant in the country as part of efforts to bank on booming demand in Africa and the Middle East.
Under the memorandum of understanding, Samsung will build a TV and monitor plant at Beni Suef Governorate, 90 kilometers south of Cairo. The Egyptian government agreed to provide the site free of charge, according to the company.
Samsung plans to invest $100 million in the plant that aims to churn out 2 million units annually. The plant is scheduled to be completed by June 2013.
The South Korean firm plans to focus on TVs and monitors and later expand product categories to other home appliance products such as air conditioners, refrigerators and washing machines.
The products manufactured at the Beni Suef plant will be sold across 10 countries in Africa and the Middle East.
In the first half, Samsung claimed 45.4 percent of the flat-panel TV market in Africa and the Middle East. The company’s market share has been trending higher, from 39.1 percent in 2010 and 40.7 percent last year.
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