Confectionery maker El Rashidy El Mizan to launch $8m-factory early-2017

Egyptian confectionery producer El Rashidi El Mizan targets launching its new factory in 6th of October City at the beginning of 2017.

CEO of Rashidy El Mizan Confectionery Factories Development Company (REMD), Mohamed Kandeel stated Tuesday that the total investment cost of the new factory is estimated at 150 million Egyptian pounds (US$8.3 million).

He added that the company aims at boosting its business volume in the Egyptian market an  exporting new products through adding more production lines to its factory.

Kandeel -also a board member- clarified that REMD’s strategy for the coming period focuses on expanding its exporting activity in a number of new markets so as to provide its needs of dollar liquidity.

REMD is currently studying the recent changes on the cost of its products following government’s move to liberalise Egyptian pound exchange rate against dollar.

Moreover, Kandeel said that Egypt’s economy needs raising total exports volume to around US$100 billion within the coming period .