South Korea’s LG Electronics Inc has denied report about reducing or suspending its operations in Egypt due to a currency crisis, it said in a statement on Wednesday.
‘These rumours (of suspending Egypt operations) are totally baseless.” LG said.
The Korea-based firm also reiterated its commitment to its customers and employees in the Egyptian market.
LG has been working in Egypt since 1991 and achieved positive growth in its operations during this period.
Despite the current challenges Egypt faced recently, LG expects long-term relation with the Egyptian government and continued cooperation with the Egyptian banks.
The statement follows some reports recently circulated about General Motors and LG Electronics’ intention to suspend their operations in Egypt due to a currency crisis.
Egypt has been in economic crisis since a 2011 uprising and subsequent political turmoil drove foreign investors and tourists away. Dollar reserves have more than halved to $16.4 billion since then.
