American companies in Egypt to increase investments

Cairo – 15 September 2017: Minister of Investment and International cooperation Sahar Nasr met with representatives of a number of American companies and banks that are investing in Egypt, A statement from the ministry reported on Friday.

Representatives for General Electric, Johnson, Master Card, AbbVie, Merck and Co. for medicine, Cargill, Exxon Mobil, Kellogg and JP Morgan Chase Bank attended the meeting and expressed their desire to scale up their investments in Egypt in the upcoming period, the statement added.

Nasr said Egypt launched an economic reform program that targets the growth and improvement of the investment climate in order to attract more investors, the statement reported

She mentioned that the private sector has a vital role in the development process in Egypt, and the government is working to improve the business climate in the country, to counter any obstacles my face the American investors, and confirmed the ministry’s keenness to increase the American investments in Egypt.

Nasr added that the ministry is working on the legislative level to enhance the investment environment. The cabinet of ministers recently approved the executive regulations of the investment law, law of financial leasing and factoring and the modifications of the laws of companies and money market.

According to the statement the regional director of public affairs in the Middle East and Africa at Abbvi, Nibal Dahaba, said the company started working in Egypt 50 years ago, and it’s investments amount to $ 100 million.

Cargill’s general manager in Egypt, Melvin Menke, said that the investments of the company amount to $200 million and they intend to invest another $150 million in the next period.

Executive director and senior country officer in Egypt and North Africa at JP Morgan, Soha Ali, said the bank is considered ranked one in USA and they have worked in Egypt for 40 years.

External affairs manager at Exxon Mobil Egypt, Nihad Shelbaya, mentioned that the company has 360 fuel stations, and two factories to combine oil.

‏General manager and CEO BiscoMisr at Kellogg Company, Ahmed Albakary, said the company has five factories in Egypt and 24 production lines. The company employs 4,000 workers with investments reaching LE 1 billion.