Latest news with #JuhanYoon
Zawya
4 days ago
- Business
- Zawya
Samsung Electronics targets increasing exports to Egypt by 30% in 3 years
Arab Finance: Samsung Electronics aims to increase its exports from Egypt by more than 30% over the next three years, Prime Minister Mostafa Madbouly stated. On May 27th, Madbouly met with Juhan Yoon, CFO of Samsung's Middle East Regional Headquarters, and discussed the new export burden refund program. He added that the company will leverage the program's benefits when it commits to increasing exports. During his meeting with Yoon, the Prime Minister reiterated that Egypt is prepared to offer exceptional incentives for industries focused on technology localization, especially those producing high volumes with significant local content and strong export performance. On his part, Yoon highlighted Samsung's global presence, noting that it has 14 factories worldwide and is a leader in digital technologies. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
5 days ago
- Business
- Zawya
Madbouly discusses Samsung Electronics' investments, expansion plans in Egypt
Arab Finance: Prime Minister Mostafa Madbouly met with a delegation from Samsung Electronics, reaffirming the government's commitment to localizing advanced technology industries and discussing mechanisms to support the company under the new export subsidy program, as per a statement. The delegation was led by Juhan Yoon, CFO of Samsung's Middle East Regional Headquarters, and included Won-kyong Kim, President of Samsung Electronics Egypt. Also Minister of Investment and Foreign Trade Hassan El-Khatib and other officials were present. Madbouly appreciated the strategic partnership between Egypt and Samsung, highlighting ongoing developments in the company's local operations. The Prime Minister reiterated that Egypt is prepared to offer exceptional incentives for industries focused on technology localization, especially those producing high volumes with significant local content and strong export performance. Yoon emphasized Samsung's global presence, noting that it has 14 factories worldwide and is a leader in digital technologies. Kim added that the Samsung Electronics factory in Beni Suef is the company's first in the Middle East and Africa. The factory currently produces 6 million units annually, of which 85% are TV screens exported to over 55 countries. He detailed further investments in the Egyptian market, stating that Samsung has invested $700 million in the Beni Suef factory, including an additional $30 million for tablet production. The factory manufactures 702,000 tablets annually for Egypt's Ministry of Education and provides 5,000 direct and indirect jobs. He also noted that Samsung began mobile phone production in 2023 with an annual capacity of 1.2 million units. Following recent expansions, the factory can now produce approximately 6 million mobile phones per year. During the meeting, El-Khatib reviewed ongoing efforts to settle overdue payments to exporters and outlined the framework of the new export subsidy program. He confirmed that an agreement had been reached on the repayment mechanism for Samsung's outstanding dues. El-Khatib said the new program, approved last week by the cabinet, allocates EGP 45 billion for export support in fiscal year 2025/2026. It includes tailored support for Upper Egypt projects and introduces differentiated rates based on sector-specific needs. He added that EGP 7 billion within the program is earmarked for targeted support, including incentives for localizing advanced technology industries. El-Khatib was directed by Prime Minister to engage in detailed discussions with Samsung to clarify how the company can benefit from this support framework. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
