Poland’s Polfa consortium plans to set up a complex for baby formula production in the 10th Ramadan city at investments of 600 million Egyptian pounds at the first phase, Trade and Industry Minister Tarek Qabil said.
The Polish group is also planning to set up several investment projects in the Egyptian market, especially in the pharmaceutical industries field, Qabil said following a meeting with the board chairman of the consortium on Wednesday.
Moreover, the project will be financed through the Polish Development Bank. The second stage of the project will include the manufacturing of dairy products like cheese and butter.
the total investments of the first and second stages will reach 1.5 billion pounds with production likely to start by the end of the year, the minister added.
Qabil further noted that the project will help secure local market’s needs of baby formula with the possibility of exporting part of the output to some Arab and African countries.
Polfa CEO said that his company is looking forward to pumping investments in the Egyptian market.
The Egyptian market is so promising, he said, adding that the complex project will be carried out by a consortium comprising Polfa company for pharmaceutical products and Mlekovita dairy products company.