The South Korean electronics company Samsung seeks a plan to produce eight million television screens and computer monitors through its project in the Upper Egyptian governorate of Beni Suef within the next five years, said the Ministry of Trade and Industry.
The Korean investments in the project, located in Kom Ombo in Beni Suef, is estimated at 1.7 billion Egyptian pounds ($279.3m), said Sung Yong Hong, Manager of Samsung, Egypt.
The current capacity of the project is three million high technology monitors that are exported abroad, stated Yong.
The Korean conglomerate said in its statements that there is a plan to convert the Upper Egyptian plant to an integrated centre that will export high-technology LED monitors to the international market.
The company exports to the Levant area and to the United Arab Emirates (UAE), seeking to expand export capabilities to reach all Gulf Cooperation Council (GCC) countries and Northern African and European countries as well.
The official unemployment rate in Beni Suef governorate floats at around 6 percent, but observers estimate the actual number of the jobless to be much higher than the official numbers.