Kraft Eyes Boosting Its Investments In Egypt To EGP1 Bln

Egyptian Minister of Industry, Hatem Saleh, held a wide meeting with a delegation from Kraft Foods Egypt, led by Bassil Abulata, Managing Director. Kraft Foods Egypt is one of the global food industry companies that operate in Egypt.

Saleh said the meeting tackled the company’s plans on boosting its investments in Egypt, expanding the factories existing in 10th Ramadan City and Borg Al Arab in the coming period. The company’s current volume of investments is EGP 600 million, but the targeted investments will exceed this current volume and will provide more than 2000 jobs.

The minister added that the company’s target of increasing the investments in Egypt in the coming period came due to the economic feasibility studies, which confirmed that the Egyptian market is promising, huge and has many advantages; mentioning that Kraft Foods Inc. is studying the successful experience of its branch in Egypt in order to make use of it in 170 countries across the world.

The Egyptian government is exerting efforts to develop the economic performance to reform Egypt’s economy, said Saleh; referring that the ministry presents incentives, decisions and procedures that aim to attract more local and foreign investments and to maximize the role of the industrial sector.