Minister of Trade and Industry Nevine Gamea met with Samir Al-Labbar — Regional CEO of Procter and Gamble (P&G) International for Egypt and North Africa — on Sunday.
During the meeting, Gamea discussed the state’s keenness to provide the necessary support and assistance to industrial companies operating in the Egyptian market, adding that the government is working to enhance the investments of these companies, whether by establishing new projects or implementing expansions of the existing factories.
This contributes to increasing their production and export capabilities, thus creating more job opportunities to support the Egyptian economy
The meeting also covered the company’s current and future investment plans in the Egyptian market as well as aspects of cooperation between the company and the ministry to maximise the former’s role in the Egyptian economy.
The minister said that the international companies’ efforts to invest in the Egyptian market reflect the success of the government’s efforts to create a business climate and provide more incentives and guarantees for global investments to be present in the Egyptian market and access a large number of markets in the Middle East and Africa.
She also praised P&G’s decision to open a new production line for liquid detergents — which were otherwise imported from abroad — in order to meet the needs of the local market and export to foreign markets.
Furthermore, the minister highlighted the importance of expanding the company’s projects in the Egyptian and African markets, especially with the ministry’s plan to develop economic cooperation with a number of major countries in the east and west of the continent and help them build a manufacturing base with Egyptian expertise.
This is positively seen on the rates of inter-trade and joint investments. She also noted that this framework refers to the successful promotional missions organised by the ministry in cooperation with Attijari Wafa Bank for Cameroon and Senegal, which contributed to achieving export contracts for Egyptian companies in the two countries. Coordination is also underway to organise other missions to a number of West African countries
For his part, Al-Labbar said that the company is committed to deepening local manufacturing and increasing Egyptian exports to global markets in general and African markets in particular. He also stressed the company’s keenness to benefit from the preferential free trade agreements network.
Additionally, Al-Labbar pointed out that the company has been working in the Egyptian market for more than 30 years, and the volume of its investments currently exceeds EGP 3.5bn.
It also provides about 1,300 direct job opportunities and 10,000 opportunities in support services for the company’s business in Egypt.
Furthermore, it exports to 37 countries around the world, with total annual exports amounting to $250m. Al-Labbar also noted that the company’s branch in Egypt is one of the three main branches responsible for planning the company’s supply chains in the Asia Pacific region, the Middle East, and Africa.
Moreover, the CEO said that the company is expanding in the Egyptian market permanently by increasing production lines and productivity rates, especially that the Egyptian market is a strategic industrial and export hub for Arabian, African, and European markets.
He also praised the decisions of the political leadership and the government to provide exceptions for production requirements from the decision of documentary credits.
This will allow factories to be revived, enhance production, and maintain productivity rates and export markets as well as technical employment. It also serves as a certificate of confidence in the Egyptian economy’s ability to handle global challenges.