Coca-Cola Pledges $500 Million of Investment in Egypt
Coca-Cola Co., the world’s largest beverage company, plans to inject new investments in Egypt amounting to US$500 million over the next three years, said Ahmet C. Bozer – President of Coca-Cola International – on Monday.
In one of his first official meetings since being sworn in, His Excellency Prime Minister Ibrahim Mehleb welcomed a high-level delegation from the Coca-Cola Company led by Ahmet Bozer, President of Coca-Cola International, and attended by the newly-appointed Minister of Investment, Trade and Industry Minister Mounir Fakhry Abdel Nour, General Manager of Coca-Cola Egypt Omar Mandour, and Chairman of Egypt-US Business Council Omar Mohanna.
“The Coca-Cola Company has been a fixture in Egypt for over 70 years and their presence here says Egypt is open for business,” said the Prime Minister.
“We are firmly committed to the future of Egypt”, said Bozer,”and together with our bottling partners we will maintain our commitment by investing a further USD 500 million over the next three years, in capital expenditure and other commercial and community programs”.
Coca-Cola and its bottling partner, the Coca-Cola Bottling Company of Egypt, directly employ 12,000 Egyptians and provide indirect employment for another 144,000 throughout the value chain. The Company’s community programs include the Egypt Livelihood Program under which Coca-Cola will refurbish 100 rural villages by 2020, upgrading infrastructure and providing clean water access to tens of thousands of rural Egyptians.
Minister Abdel Nour thanked Mr. Bozer for the Company’s vote of confidence and noted the role of free zones in attracting major multinational companies to Egypt. “Coca-Cola is a major employer locally and an exporter to over 40 countries from Egypt. We thank them for their commitment to investing in Egypt’s future”.
Curt Ferguson, President of Coca-Cola’s Middle East and North Africa Business Unit, added, “Strong business and strong communities go hand-in-hand and our investment not only helps to create good jobs, opportunity and a better tomorrow for Egyptians but also sends a strong signal about Egypt’s future.”
