Abdel Wahab said the step underlined confidence in the Egyptian economy in view of the successful economic reform program adopted by the government over the past years.

The company is planning to introduce new products, including washers and TVs.

Abdel Wahab noted that GAFI offers all needed facilities for industries which contribute to promoting local manufacturing.

The talks tackled the company's plans to expand components and spare parts manufacturing to outside Korea.

The company seeks to expand this industry to Egypt in order to cover market needs of the Middle East and the Arab Maghreb region.

This will boost the company's investments by US$200 million annually.

Billy said the LG complex in Egypt comprises four Korean companies for producing industrial components in addition to final products.

The volume of investments of the complex exceeds US$500 million.

The complex creates about 3,000 jobs.