Samsung gets golden license to set mobile phone factory in Egypt
Egypt Wednesday August 30 accorded South Korean tech giant Samsung a golden license to set up a mobile phone plant to produce, after the North African provided the firm another permit to manufacture tablets for educational use.
The future factory, 6,000 square meters, is expected to generate 768 direct and indirect jobs and located in Beni Suef governorate.
The plant will be operational by the second half of 2024, and be wholly completed by the end of 2025.
The golden license allows investors to acquire or lease land and operate enterprises on it without requiring further government approvals. The Korean tech firm in May last year opened a $30 million factory in the same governorate, to produce tablets for educational use.
Egypt has recently taken major steps to encourage investment and entrepreneurship, guaranteeing equal treatment between public and private sectors, and supporting the investment climate.