Food products' prices expected to be stable in local market

DUBAI - 21 February 2018: Egypt's Chamber of Food Industries Chairman Ahsraf el Gazairi said the prices of food products will be stable in local market in the coming period.

In statements to MENA on Wednesday on the fringe of Gulfood 2018, he hailed a recent decision by the Central Bank of Egypt on downing the interest rate as contributing to stabilizing prices and boosting investments in the industrial sectors.

Gulfood is the world's largest annual food trade show, its 23rd edition taking place in Dubai on Feb 18-22, 2018.

He said the food sector's investments hit LE 500 billion in 2017.

The sector's growth rate is expected to range between 8 to 10 percent in 2018, he said.

Gazairi said there are more than one million workers serving in the sector.

He hailed the recent laws issued by the Egyptian government as positively affecting the industrial sector in general and the food industry in particular.

He deemed the laws of investment, industrial license and food safety as the most important legislation for luring investments in the coming period and improving the quality of local products to be able withstand international competition.