Egypt's Investment Minister Reviews Kraft Heinz's Plans To Boost Production, Exports
Date
8/25/2024 3:06:56 PM
(MENAFN- Daily News Egypt) Egypt's Minister of investment and Foreign Trade, Hassan El-Khatib, has met with a delegation from the Kraft Heinz Group, reviewing the company's current and future investments in the Egyptian market. The meeting focused on the group's plans to double production rates and increase exports in the coming phase.
The Kraft Heinz Group, which began its operations in Egypt in 1991, is currently converting its factory in Egypt-the only one in the Middle East and Africa-into a regional centre for manufacturing and exports.
This project, which has garnered the attention of the group's top leadership, emphasises leveraging skilled Egyptian labour to serve the entire region.
“The discussion focused on the group's efforts to convert its factory in Egypt into a regional centre for manufacturing and exports,” said El-Khatib.
He added that the meeting also covered the group's efforts over the past three years, which included expansion work at the factory to double production capacity and increase exports by 65%. These expansions, supported by $50m in direct foreign investment, are set to be inaugurated next month.
The Kraft Heinz delegation highlighted recent developments at the factory aimed at increasing production capacity, boosting exports, and opening new markets, aligning with the state's strategy to localise industry, enhance investment, and maximise exports.
The group currently serves the local market and exports to neighbouring markets in Africa, Europe, and the Gulf region.
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