LG Egypt exported USD 130 mn worth of goods in 2016

LG Egypt exported USD 130 mn worth of goods in 2016 and is studying new solutions to bring the washing machine and air conditioning production lines into operation this year following the EGP float, an unnamed company official told Al Borsa. Exports were down from USD 150 mn when the Tenth of Ramadan factory first opened due to the instability on the FX market, the official added. The company has expanded exports, which make up 60% of the company’s sales, to the UAE, Tunisia, Algeria, and the COMESA markets.