CAIRO: President Abdel Fatah al-Sisi met Thursday with top officials from Coca-Cola Company, who announced plans to invest $500 million in the Egyptian market during the coming three years, according to a presidential statement.
The meeting comes in light of ongoing preparations for the upcoming Economic Summit scheduled to take place in Sharm el-Sheikh in March, with the aim of encouraging multinational corporations to increase their investments in the country.
Coca-Cola’s Chairman of the Board and Chief Executive Officer Muhtar Kent, told the President that “the company will actively participate in the upcoming economic conference.”
“Coca-Cola Company will construct a juice processing plant in 6th of October City with an investment of 100 million dollars. The company will contract 10,000 farms to supply fruits, which will have the added benefit of supporting small and medium sized enterprises in Egypt,” presidential spokesperson Alaa Youssef said in the statement.
The new investments are estimated to create more that 4,000 direct jobs and thousands of indirect job opportunities in the fields of distribution, agriculture and retail, added the spokesperson.
During the meeting, Kent who was accompanying Coca-Cola’s President of the Middle East and North Africa (MENA) Business Unit Curtis Ferguson, said Egypt is both a market and a strategic hub for Coca-Cola operations in the MENA region.
The regional headquarters, located in Cairo, covers the company’s activities in 34 countries and production from its factory in Egypt is exported to 43 countries, Kent detailed.
“A promising future awaits Egypt, which is expected to be among the top five emerging economies worldwide,” said Coca-Cola’s CEO, while reviewing with the president a number of Coca-Cola’s development projects in Egypt.