EGYPT – Kraft Heinz, multinational food company headquartered in the United States is seeking to inject more than LE 920 million (US$57.6m) worth of investments in Egypt in the coming five years.
This was revealed by Chairman and Managing Director of Kraft Heinz Egypt, Hanny Elmessiry, as the Executive Director of the General Authority for Investment and Free Zones (GAFI) Mohamed Abd El-Wahab reviewed the company’s investment plan.
According to reports by Egypt Today, the plan includes establishing 14 new production lines to meet local demand and increase exports.
The GAFI executive director asserted that the authority is keen to communicate with all investors and companies’ owners to create an investment-friendly environment that helps achieve the target growth rate and boost the competitiveness of the Egyptian products.
Total investments of Kraft Heinz in Egypt have hit LE 257 million (US$16m). The company exports about 20% of its products to the Gulf countries and Africa at a value of LE 680 million (US$42.6m).
PepsiCo Egypt, a subsidiary of multinational food and beverage firm, PepsiCo, recently revealed that it has slated US$100 million worth of investment for 2020 as part of the company’s four-year US$515 million investment plan in Egypt’s local economy by 2021.
This was revealed by the company’s chairman and CEO, Mohamed Shelbaya during a discussion with General Authority for Investment and Free Zones (GAFI) CEO, Mohamed Abd El-Wahab.
As part of the investment the company will focus on social responsibility in many sectors, most importantly women empowerment and entrepreneurship, in addition to contributing to efforts against the coronavirus (COVID-19).
Globally, Kraft Heinz has extended its partnership with market expansion services provider DKSH to Malaysia.
The food giant has appointed DKSH Business Unit Consumer Goods as the full-service distributor for its portfolio of sauces and dry groceries in the country. This includes brands such as Heinz, ABC, HP Sauce, Lea & Perrin’s and Wattie’s.
DKSH already has partnerships with Kraft Heinz in Singapore and Hong Kong, and its relationship with pre-merger Kraft Foods is said to date back to 2001.