(Photo Cabinet handout)
Coca-Cola international plans to pump $500m in investment in Egypt, President of Coca-Cola International Ahmet C. Bozer revealed, adding that this intention reflects the company’s confidence in the country’s investment climate.
This announcement came during a Monday meeting between Bozer and Prime Minister Ibrahim Mehleb, attended by Minister of Investment, Industry and Foreign Trade Mounir Fakhry Abdel Nour and a delegation from Coca-Cola Company.
Bozer pointed out that Egypt’s Coca-Cola exports products to more than 40 countries around the world.
Around 12,000 workers are working in Coca-Cola’s factory in Egypt, Bozer stated, adding that the factory also created an additional 120,000 indirect job opportunities.
Meanwhile, Mehleb confirmed that his cabinet will take necessary measures to facilitate and improve the investment climate in Egypt.
Saudi Arabia’s Aujan Coca-Cola Beverages Company announced in February that it plans to spend $100m to build a fruit-juice factory in Egypt. The firm’s vice president of strategy and business development Meshal Alkadeeb detailed that this money will be directed to buying the land and setting up the factory, Reuters reported.
Alkadeeb added that the plant will be ready between 2016 and 2017.
In a recent move to attract investments, a new draft investment law has been adopted by the government in February to prevent third parties from challenging contracts between the government and an investor.
Since the 25 January Revolution, a number of foreign investments have faced hurdles and court rulings regarding the validity of their contracts, which were signed by toppled President Hosni Mubarak’s administration.
During the first quarter of FY 2013/2014, the value of local investments registered EGP 36bn compared to $1.5bn in new foreign direct investment (FDI), former Minister of Investment Osama Saleh stated in February.
The government aims to obtain $4bn in FDI by the end of the current fiscal year.
Abdel Nour launched a series of visits to European countries, the United States and Russia in February with the aim of attracting foreign investments.
