30% of Coca-Cola’s production in Egypt is for domestic use, while 70% is exported, said Curt Ferguson, president of the company in the Middle East and North Africa, on Monday.
During his speech in the Euromoney conference, Ferguson called on the Egyptian government to encourage foreign investments, asking for the establishment of free zones.
“Investors needed 27 licenses to establish a single project, so the government has to look into those efforts to ease doing business in Egypt,” Ferguson said.
Coca-Cola announced in 2015 its commitment to invest $500m in Egypt within three years, during the Economic Summit held in Sharm El-Sheikh in March.
The investment will fund new manufacturing, distribution, sales and marketing capabilities, which will include the opening of a new bottling facility in 6th of October City in 2016, while creating additional employment opportunities.
In order to increase the number of Egyptian employees in Coca-Cola, currently at 12,000 employees, the company will expand its concentrate facility in the Free Zone in Nasr City, which exports to 46 countries in Africa, the Middle East and parts of Asia.
