Global pharmaceuticals lining up to expand investments in Egypt

A number of global pharmaceutical enterprise representatives said they are willing to expand their investments in Egypt, benefiting from Egypt’s location and potential as a regional hub for the MENA region.

In a meeting with Egypt’s Minister of Investment Sahar Nasr, the representatives praised measures undertaken to develop the investment climate in Egypt, in particular cooperation between Egypt’s health and investment ministries to eliminate barriers investors face in the pharmaceuticals sector.

Manager of emerging markets in Europe and the MENA region at Johnson and Johnson Luis Diaz said the firm has expanded its activities in Egypt by 125 million pounds in 2019 thanks to the improvement of the investment climate, adding that Johnson and Johnson’s total investments in Egypt stand at 2.3 billion pounds.

Representative of Pharma Corporation Samir Khalil stated that the company has 22 enterprises working in the Egyptian market, praising Egypt’s investment climate for medication manufacturing.

Vice President and cluster director for Egypt and North Africa at GlaxoSmithKline Amre Mamdouh said that gross investments of the company in Egypt reached $800 million, with 15,000 workers across 10 plants.

He revealed that the company will finalise the establishment of two new production lines with a total investment of 100 million pounds, while it intends to open the second production line at its Al-Salam plant by 2020, worth 80 million pounds.

For her part, Nasr said the Egyptian government is looking forward to additional contributions from international companies to the developmental process in Egypt, especially in healthcare and the pharmaceuticals sector, under the umbrella of human capital investment.

Source: Ahram Online