Egypt, PepsiCo discuss expanding investment, empowering small farmers
Egypt’s Minister of Agriculture and Land Reclamation, Alaa Farouk met on Sunday with Mohamed Shelbaya, Chairman of PepsiCo Egypt, to discuss ways to enhance co-operation and expand investment in Egypt’s agricultural sector.
PepsiCo has invested approximately $515 million in Egypt over the past five years, including the establishment of a new potato processing plant, production lines, and various agricultural projects aimed at bolstering the country’s potato industry.
During the meeting, Minister Farouk praised PepsiCo’s role in Egypt’s agricultural sector, highlighting the company’s commitment to purchasing local produce, processing it, and providing valuable training to farmers to improve their skills. He also underscored the Egyptian government’s focus on fostering a favourable investment climate, which encourages both local and foreign investments in agriculture as key drivers of economic development.
Minister Farouk noted that the government is keen to create more investment opportunities in agricultural manufacturing, which plays a crucial role in adding value to Egypt’s national economy, generating jobs, and regulating food prices. He also emphasised the importance of enhancing collaboration with private companies like PepsiCo to help strengthen Egypt’s agricultural sector.
In response, Shelbaya welcomed the opportunity to further collaborate with the Ministry of Agriculture and appreciated its efforts to remove barriers to investment. He expressed PepsiCo’s readiness to support small farmers and deepen co-operation with the Egyptian Agricultural Bank to enhance investments in the agricultural sector. Shalaby also highlighted plans to improve local seed potato production to reduce dependency on imports and conserve foreign currency.
This meeting marks a significant step in furthering Egypt’s agricultural development, with the government and PepsiCo working together to boost local production, create job opportunities, and stimulate sustainable economic growth in the agricultural sector.
Attribution: The Egyptian Cabinet
