By Rana Yehia
Coca-Cola revealed further details about its previously announced commitment to invest $500m in Egypt within three years, during a press conference on Friday at the Economic Summit in Sharm El-Sheikh.
(AFP Photo)
The investment will fund new manufacturing, distribution, sales and marketing capabilities, which will include the opening of a new bottling facility in 6th of October City in 2016, while creating additional employment opportunities.
In order to increase the number of Egyptian employees in Coca-Cola, currently at 12,000 employees, the company will expand its concentrate facility in the Free Zone in Nasr City, which exports to 46 countries in Africa, the Middle East and parts of Asia.
“We are proud to have been present in Egypt since we began operations in Cairo in 1942 and Coca-Cola remains as committed as ever to supporting Egypt’s economic and social progress through investing in critical growth areas. We believe that our $500m investment commitment will not only enable business growth, but make a meaningful long-term contribution to the communities and consumers we serve, supporting sustainable growth and prosperity,” said President of Coca-Cola International Ahmet Bozer at the Economic Summit.
The new Coca-Cola investment expands Egyptian community programmes focused on women and youth empowerment, well-being and rural development. The new Coca-Cola 5by20 programme in Egypt will initially provide business opportunities to 4,000 Egyptian women, and access to commercial skills, financial services, assets and mentor support.
Focusing on Upper Egypt, the programme will be launched in Fayoum, Beni Suef, Minya, Assiut and the New Valley governorates. It represents the latest in Coca‑Cola’s worldwide commitment to empower five million women entrepreneurs by 2020.
Amongst his activities at the EEDC, Ahmet Bozer will participate in a debate themed ‘Enhancing the Investment Climate in Egypt’ with Egyptian Minister of Investment Ashraf Salman at 10am on Saturday.
