7 Greek firms to invest in various sectors in Egypt

CAIRO – 11 November 2017: Minister of Industry and Trade Tarek Kabil held throughout the week meetings in Athens with senior executives of seven Greek companies interested in investment opportunities in Egypt.

The companies operate in the fields of textiles, food processing, auto parts manufacturing, renewable energy and petroleum, according to a Saturday statement from the ministry.

NAMCO, the Greek National Motor Company, expressed willingness to inject $60 million in a joint project with an Egyptian company for auto parts manufacturing.

Biofresh S.A., one of the leading fruit processors and exporters in Greece, unveiled a plan to build a $10 million factory to produce and export food concentrates, as well as investing in the land reclamation project of 1.5 feddans (one feddan = 1,.025 acres) in the Western Desert. The company already has a factory that exports all its produce in the Sadat Industrial Zone, on the Cairo-Alexandria Desert Road.

Prime Energy S.A. and Solar Cells Hellas manufacturing photovoltaic (PV) panels, which convert sunlight into electricity, plan to relocate their plants to Egypt in partnership with local companies, with a total investment of €40 million.

Kabil stated that both companies’ executives are scheduled to meet soon with officials from the ministries of electricity, renewable energy and military production.

Among the Greek companies interested to invest in Egypt is Blue Point that produces swimwear, underwear and fitness attire. The minister highlighted that the textile industry has been remarkably growing after imports dropped by 55 percent.

A company producing olive oil discussed establishing two projects in Egypt; one for pressing whole olives and oil packing, and another for producing juice concentrates. The production would be channeled to the local market and exported to African countries.

The Trade Ministry is also coordinating with the Ministry of Petroleum to help a Greek company producing bitumen to resume its work in the country to meet local needs of this product.

Kabil has been visiting Greece since Wednesday to attend the EU-Arab World Summit. On the sidelines, he discussed with 30 Greek companies and business associations the possibility of boosting their investments in Egypt.

Kabil said that there is a big potential for investment in Egypt, especially in the SCZone, new administrative capital and the Golden Triangle project.

The minister also discussed with Deputy Prime Minister Yannis Dragasakis boosting bilateral economic relations between Egypt and Greece in the upcoming period, signing a number of memoranda of understanding (MoUs) in the fields of transportation, tourism, taxation, fish farms and agriculture corps.