Egypt seeks investments of 500 mln pounds in food industries sector

The investments in food industries sector has reached 500 million Egyptian pounds by the end of  2017 according to Minister of Industry and Foreign Trade Tarek Qabil.

The minister added that food industry is one of the most important industrial sectors in the Egyptian economy.

The minister expected the sector’s growth rate to increase between 8 percent and 10 percent by the end of 2018, referring that food industries exports have registered $2.8 billion by the end of 2017.

This came at the inauguration of the first phase of the expansion of Mars Wirgley Egypt’s factory in the 6th of October factory, with two new production lines worth 750 million pounds.

The minister further noted to Egypt’s conduction of several trading agreements with different countries and international economic conglomerates like the Arab countries, COMESA, European Union, Turkey and Agadir, providing success to numerous promising markets.