Mohamed Abdel-Wahab, Chairman of the General Authority for Investment and Free Zones, met with Chairman and CEO of PepsiCo Egypt Mohamed Shelbaya to discuss the group’s investment plans. New developments include the expansion of production lines for the two subsidiaries of the group, Pepsi and Chipsy Food industries, as well as investments in technology, sustainable development and community projects.
Mr. Abdel-Wahab said the meetings are part of an action plan to engage existing companies seeking expansion in Egypt. There was also a discussion on how to remove any barriers these companies may face, indicating that the private sector is the main driver of the national economy. Mr. Abdel-Wahab presented investment opportunities available to PepsiCo and its subsidiaries in the investment areas and the authority’s free zones.
For his part, Mr. Shelbaya praised the authority’s interest and keenness to complete the economic reform steps it had enacted before the coronavirus pandemic, and which had already achieved effective positive results before the crisis, making the national economy flexible and able to absorb sudden fluctuations. He said the production wheel will be back at full capacity once life returns to normal while applying precautionary measures to ensure the safety of employees.
Mr. Shelbaya affirmed that PepsiCo considers Egypt one of the strategic markets that has received attention since its operation more than 70 years ago, noting that the company is committed to pumping investments amounting to $515 million into Egypt from 2018-21, including $100 million during the current year. The company is also focusing on bringing the latest technologies to production lines and implementing a pioneering cultivation programme that is the second at PepsiCo‘s global level, as well as directing strong interest to social responsibility programs to create added value in many sectors, especially women empowerment and entrepreneurship, and addressing the repercussions of the coronavirus crisis.