Tue, 28 Jul 2020 - 04:03 GMT
FILE - Kraft Heinz Company
CAIRO - 28 July 2020: Executive Director of the General Authority for Investment and Free Zones (GAFI) Mohamed Abd El-Wahab reviewed with Chairman and Managing Director of Kraft Heinz Company Hanny Elmessiry the current investment plans of the company.
The company's future strategies were shown to include pumping new investments in the Egyptian market exceeding LE 920 million in the coming five years with 14 new production lines covering the local demand and exporting purposes.
The GAFI executive director asserted that the authority is keen to communicate with all investors and companies' owners to create an investment-friendly environment that helps achieve the target growth rate and boost the competitiveness of the Egyptian products.
Meanwhile, Elmessiry said the volume of his company's investments in the Egyptian market hit LE 257 million.
The only manufacturing hub of Kraft Heinz, which has several branches in the Middle East region and Africa, is the Egyptian market, he said, adding that the company exports about 20 percent of its production to the Gulf countries and Africa at a value of LE 680 million.