PepsiCo invests $500 mln in Egypt in four years

PepsiCo has invested $500 million in Egypt over the past four years started from 2018, its chairman and chief executive said on Tuesday.

During the Egypt Economic Summit held in Cairo on Tuesday, Mohamed Shelbaya added that the new investments are allocated to providing training for the company’s workers, increasing the productive capacity, and introducing new technologies.

“Egypt has taken significant steps through its economic reform programme over the past three years, but it needs to introduce more incentives for investors, foreigners in particular, including providing tax exemptions and focusing more on improving the SME sector to guarantee success and growth for foreign investment in Egypt,” Shelbaya said.

He added that Egypt has the potential to be an attractive investment hub, especially since Europe and the US are witnessing low and poor growth rates, which has pushed investors to search for new markets for investments.

Source: Ahram Online