Nestle plans $137m investment in Egypt’s food sector
Suresh Narayanan, Nestle North East Africa Regional CEO
Swiss multinational food and beverage company Nestle is planning to invest approximately EGP1bn ($137.93m) in Egypt over the next few years to capitalise on growing demand.
Citing Nestle North East Africa Region CEO Suresh Narayanan, Reuters reported that the company will be investing in manufacturing, new products and the nutrition and health industries.
Narayanan was quoted by the news agency as saying: “Certainly the kind of investments we have made over the last three to four years are the kind of vision that we would have for this market also going forward.”
This new development follows recent initiatives of the Abdel Fattah al-Sisi led Egyptian Government to make the country investor-friendly.
Egypt is expected to introduce a new investment law by March, in order to create a one-stop shop for foreign companies frustrated by bureaucracy, Reuters said.
Narayanan said: “I believe the steps that are being talked about in terms of improving the investment laws, improving the laws of labor, improving the overall friendliness that the country has towards investments, all augurs well.”
As well as Nestle, food and beverage firms such as Coca-Cola Co, PepsiCo and Saudi Arabia’s Almarai have also announced their investment plans in Egypt.
Kellogg’s recently acquired Egyptian cake and biscuit maker Bisco Misr after a competitive bidding process with Private equity firm Abraaj Group.
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