{"id":646776,"date":"2017-06-22T04:13:37","date_gmt":"2017-06-22T04:13:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/lg-incurred-losses-last-year-still-set-to-invest-locally\/"},"modified":"2017-06-22T04:13:37","modified_gmt":"2017-06-22T04:13:37","slug":"lg-incurred-losses-last-year-still-set-to-invest-locally","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/lg-incurred-losses-last-year-still-set-to-invest-locally\/","title":{"rendered":"LG incurred losses last year, still set to invest locally"},"content":{"rendered":"

LG Egypt incurred losses in 2016 because of the EGP float, Managing Director Don Kwak said, according to Al Mal<\/a>. Kwak says LG was not \u201ccompensated\u201d for the FX losses the company made during the year. He also noted that the company\u2019s topline also dropped by 50% y-o-y last year. However, LG is set to keep investing in Egypt, with current investments estimated at USD 170 mn, according to Kwak. He believes that the investment act contains incentives to draw in foreigners, but they do not help existing businesses enough. Kwak also noted that LG is trying to regain market share to reach the 35% level it recorded last year by issuing discounts of 11-13%. The company had said<\/a> it wants to increase exports from Egypt to USD 250 mn in 2017 from USD 150 mn last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

LG Egypt incurred losses in 2016 because of the EGP float, Managing Director Don Kwak said, according to Al Mal. Kwak says LG was not \u201ccompensated\u201d for the FX losses the company made during the year. He also noted that the company\u2019s topline also dropped by 50% y-o-y last year. However, LG is set to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7255],"tags":[72,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-646776","post","type-post","status-publish","format-standard","hentry","category-manufacturing","tag-enterpriseam","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"c58bee6b-85ec-43d5-8b76-6c5c01aa1370","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[646744],"teaser":"","voice_url":""},"yoast_head":"\nLG incurred losses last year, still set to invest locally - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/lg-incurred-losses-last-year-still-set-to-invest-locally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LG incurred losses last year, still set to invest locally\" \/>\n<meta property=\"og:description\" content=\"LG Egypt incurred losses in 2016 because of the EGP float, Managing Director Don Kwak said, according to Al Mal. Kwak says LG was not \u201ccompensated\u201d for the FX losses the company made during the year. He also noted that the company\u2019s topline also dropped by 50% y-o-y last year. However, LG is set to […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/lg-incurred-losses-last-year-still-set-to-invest-locally\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-22T04:13:37+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/lg-incurred-losses-last-year-still-set-to-invest-locally\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/lg-incurred-losses-last-year-still-set-to-invest-locally\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"LG incurred losses last year, still set to invest locally\",\"datePublished\":\"2017-06-22T04:13:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/lg-incurred-losses-last-year-still-set-to-invest-locally\/\"},\"wordCount\":142,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"Manufacturing\"],\"articleSection\":[\"Manufacturing\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/lg-incurred-losses-last-year-still-set-to-invest-locally\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/lg-incurred-losses-last-year-still-set-to-invest-locally\/\",\"name\":\"LG incurred losses last year, still set to invest locally - 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According to Kwak, LG is looking to increase its reliance on locally sourced components in its manufacturing and expand its exports to African markets.","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599941,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/15\/lg-to-invest-usd-15-mn-in-egypt\/","url_meta":{"origin":646776,"position":1},"title":"LG to invest USD 15 mn in Egypt","author":"enterpriseam admin","date":"15 January 2019","format":false,"excerpt":"INVESTMENT WATCH- LG to invest USD 15 mn: LG Electronics Egypt will invest as much as USD 15 mn to expand its operations in Egypt, the company\u2019s Egypt boss, Don Kwak said, according to a statement from the Investment Ministry. The statement doesn\u2019t specify where the capital is being committed,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570062,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/don-kwak-steps-down-as-chief-of-lg-egypt\/","url_meta":{"origin":646776,"position":2},"title":"Don Kwak steps down as chief of LG Egypt","author":"enterpriseam admin","date":"17 March 2020","format":false,"excerpt":"MOVES- Don Kwak has stepped down from his role as CEO of LG Egypt, Al Mal reports. Kwak served as the company\u2019s chief since February 2016, and headed a USD 250 mn expansion in the Tenth of Ramadan City factory that added new TV and washing machine production lines. 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Investments at\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635487,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/05\/lg-egypt-studying-assembly-of-cell-phones\/","url_meta":{"origin":646776,"position":4},"title":"LG Egypt studying assembly of cell phones","author":"enterpriseam admin","date":"5 December 2017","format":false,"excerpt":"LG Egypt is conducting feasibility studies on a new domestic production line for cell phones, CEO Don Kwak tells Al Masry Al Youm. 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