Hassan El-Khatib, Minister of Investment and Foreign Trade, met on Tuesday with Karim Yassin, Executive Vice President and General Manager of Procter & Gamble—Egypt. Both parties reviewed the company’s current projects and investment plans in the Egyptian market and discussed possibly increasing its exports to foreign markets during the next phase.
El-Khatib stressed the ministry’s keenness to support Procter & Gamble – Egypt, to continue and expand in the Egyptian market, and increase its contribution to providing the needs of the local market and export to regional and global markets. The Egyptian market is a major industrial and export hub for the company to the markets of the Middle East and Africa.
He explained that the Egyptian market has the investment potential and components that qualify it to attract more local and foreign investments. These include the low cost of doing business, availability of qualified labour and distinguished engineering cadres, and competitive wages, in addition to free and preferential trade agreements, concluded with a large number of countries and major economic blocs in the world.
The Minister of Investment pointed out that more reforms to targeted trade policies will continue, to facilitate the customs release system for goods.
Karim Yassin, Executive Vice President and General Manager of Procter & Gamble – Egypt, stressed the company’s keenness to be present and expand in the Egyptian market; it is a major industrial and export hub for the company at the regional and global levels. He noted that the company has been operating in Egypt for 40 years, and exports its products to the markets of 30 countries. It is working hard to study increasing the number of these countries; thus increasing exports as a source of foreign currency.
Yassin added that the company is currently working to increase its exports to foreign markets in the traditional markets of the Middle East and Africa and penetrate new markets, especially those of the United States of America and Europe.
