Dr. Mohamed Farid Saleh:
- MIFT is working to complete missing links in production chains to reduce reliance on imports by attracting global companies.
- We adopt an “open-door” policy toward credible corporate initiatives aimed at injecting new investments.
- The State is committed to providing an integrated business environment that enhances the global competitiveness of the “Made in Egypt” label.
As part of the government’s ongoing efforts to reinforce Egypt’s position as an attractive destination for foreign direct investment (FDI), Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade (MIFT Minister), held meetings with senior executives from Samsung and LG to discuss expansion plans and increasing the local component in their products.
The meetings aimed to strengthen strategic partnerships with leading global electronics manufacturers and support their expansion plans in line with the State’s direction toward deepening local manufacturing and increasing value-added within the Egyptian economy.
During the discussions, MIFT Minister emphasized that the Egyptian government attaches particular importance to localizing the electronics industry, considering it one of the key strategic sectors for achieving sustainable economic growth.
Dr. Farid noted that Egypt possesses strong competitive advantages that position it to become a regional hub and export platform, supported by modern infrastructure, ongoing legislative reforms, flexible investment incentives, and a skilled technical workforce trained to international standards.
In his meeting with Samsung officials, discussions focused on the qualitative incentives and benefits provided under the Investment Law, and how the company can maximize its utilization of these incentives to implement its expansion projects in the Egyptian market.
Both sides also addressed in detail the importance of deepening local component in televisions and display screens, with particular focus on the cutting-edge “Open Cell Screen” component—the core element responsible for display quality—which is currently imported.
In this context, MIFT Minister stressed the need to explore mechanisms for attracting global manufacturers specialized in producing “Open Cell Screen” to establish operations within Egypt’s industrial zones.
He added that MIFT is working to complete missing production links in production chains and reduce import dependency, thereby lowering the import bill and enhancing the efficiency of local supply chains.
In a related meeting with executives from LG, the discussions reviewed the company’s future vision and investment ambitions in Egypt. Both sides explored opportunities to increase production capacity and expand the base of local suppliers, while also addressing potential operational challenges that may affect expansion plans. MIFT Minister affirmed that all proposals aimed at facilitating the business environment would be carefully considered.
Dr. Farid highlighted that MIFT adopts an “open-door” approach toward serious investment initiatives, stating: “We are committed to removing all red tape and technical obstacles that may face investors, particularly in industries reliant on advanced technology transfer and capable of generating substantial employment opportunities for the Egyptian workforce.”
He concluded by underscoring that the State’s current direction focuses on industrial integration through attracting supplementary industries that support large-scale manufacturers, thereby creating a comprehensive business ecosystem that enhances the global competitiveness of the “Made in Egypt” brand.
MIFT Minister also instructed specialized MIFT teams to ensure regular follow-up on the outcomes of these meetings, with a view to translating understandings into tangible projects on the ground—projects that will advance industrial development, boost Egyptian exports, and generate concrete economic returns for all parties involved.
