LG Egypt to invest USD 50 mn in manufacturing facilities over the next three years

INVESTMENT WATCH- LG Egypt to invest USD 50 mn in manufacturing over the coming three years: LG Egypt is planning to invest some USD 10 mn this year to boost its household appliance manufacturing capabilities in addition to committing USD 40 mn over the next three years to add new product lines and spare part manufacturing to its existing Tenth of Ramadan facilities, said General Authority for Investment and Freezones (GAFI) head Mohamed Abdel Wahab during a meeting with LG Egypt’s managing director Billy Kim last week. LG Egypt is looking to up its production capabilities to manufacture television screens, refrigerators, washing machines and microwave ovens as well as positioning its Egypt unit towards becoming a spare parts production hub for the Middle East and North Africa.