Ten months after opening its first local factory in Egypt, Samsung Electronics says it will invest $20 million over the next four years to develop a new television factory in Dube TradePort, South Africa.
Located in the KwaZulu-Natal province, Dube TradePort is one of the special economic zones the South African government is setting up to boost investment. The business hub is scheduled to launch before the end of the year.
Samsung intends to begin construction of the factory in line with the hub launch to cash in on the increasing demands for consumer goods in the country.
According to research, an average South African spends about $940 per year on electronics. Statistics South Africa (Stats SA) also revealed that consumer spending in the country reached an all time high of R1.3trillion ($127 billion) in the first quarter of 2014.
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Deputy Managing Director of Samsung Electronics South Africa, Matthew Thackrah says the new plant is in line with the company’s goal to create new business opportunities, products and technology.
The company said the manufacturing facility will encourage the development of skilled and unskilled labour in the region.
Samsung, like other technology product manufacturers is seeking new grounds in developing markets like Africa, with the continent moving from being a “dumping ground” to a high consumer rate market given its booming population and spending power. (VENTURES AFRICA)
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