Singapore Invests $10m in Food Industry in Egypt

Osama Saleh, Chairman of the General Authority for Investment and Free Zones, Said that a Food Singaporean company intents to establish a project for integrated food industries in Egypt, with initial investments of $10 million. it was mentioned during a meeting between the President of the General Authority for Investment and Chairman of the Board of Directors of «Olam i.e» Singapore Food Industries Greg Estap, where the two sides reviewed the company's activities and projects targeted in the food industry. The company plans to establish an integrated project in Egypt through its next stage, working on the cultivation of onions, tomatoes, onions manufactured in the form of dried tomato paste are exported abroad.

Salih stressed on the importance of food processing projects as a global solutions now in order to achieve food security, as well as the contribution of these projects to increase the value added of the national economy, and give greater opportunities to work and operation of multi-segments of the Egyptian competence.

The General Authority for Investment is keen to support the company in its investment in Egypt as one of the largest world's leading companies in the field of food processing, pointing out that the decision to establish this new project is the fruit of good coordination and continuous between the Singaporean company and the Commission within the framework of GAFI's plan to attract and attract major companies to establish their investment projects in Egypt.

President of the Singaporean company, said his company has embarked on the study of the Egyptian market during the past months and ended up convinced of the feasibility of establishing this center for the manufacture of dried onion and tomato paste with initial investments of about $ 10 million first phase of the project with a capacity of up to 10 thousand tons per year are fully exported from Egypt.