US pharmaceutical firms look to boost investments in Egypt

Representatives of U.S. pharmaceutical companies expressed their interest in a possible increase of investments in Egypt, and praised the measures taken by the government to improve the investment climate.

During a meeting with Minister of Investment and International Cooperation, Sahar Nasr, on Friday, the representatives of the companies said that Egypt is the ideal market central investment in medicine, due to geographical location and large population.

Executive director of Middle East affairs at the U.S. Chamber of Commerce, Steve Lutes, said that the chamber supports the expansion of American companies to invest in Egypt and looks forward to working with the minister to increase the number of American companies in the country, as well as expand their investments and businesses. MENA area director of Glaxo Smith Kline, Fabio Landazabal, said that the volume of their investments in Egypt reached $800 million, and there is a desire to expand the pharmaceutical sector. The company has two factories in Cairo and Giza, representing about 8 percent of the Egyptian market.

The minister said that Egypt welcomes American investors, and its doors are open to receive their money. He explained that the government has made a packet of legislation to improve the business and investment environment, including the finance lease law and amending the Companies Law.

Landazabal added that Egypt has all the qualifications to attract investments, such as excellence and competition, as well as the new investment law that takes into account the social dimensions and promotes transparency, disclosure and standards of governance.

Source: Al-Masry Al-Youm

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