Procter & Gamble (P&G) will pump over $50m into the Egyptian market over 2020 and 2021, according to Tamer Hamed, the regional director of P&G for Egypt and Near East.
The company’s investments are represented by a new production line for protective masks, and expansion in production operations at each of its two factories located in 6th of October City, Hamed said.
He added that his company has future expansion plans, especially with regard to deepening work in local manufacturing and export.
During a meeting on Sunday with Mohamed Abd El-Wahab, Chief Executive Director of the General Authority for Investment and Free Zones(GAFI), Hamed added P&G is looking to increasing export volumes , and attracting new investments in industries that feed the company’s activity in Egypt.
Hamed noted that the company’s current volume of investments in the Egyptian market exceeds EGP 3.5bn. He added that P&G provides about 1,300 direct job opportunities, in addition to 10,000 indirect job opportunities in Egypt.
He revealed that the volume of P&G exports exceeds $200m annually, and that it exports to more than 35 countries.
Abd El-Wahab said that removing challenges is one of the most important routes for promoting investment and putting investors and companies’ expansion plans into practice. He stressed that GAFI’s regular meetings aim to convert investment expansion plans into a tangible reality that will be reflected in the state’s economic growth rate.