Mars Egypt to Expand Business in EgyptSource: www.export-egypt.com 1/28/2018, Location: Africa |
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Minister of Trade and Industry Tarek Kabil met with Duncan McCulloch, Mars’ Regional Director for the MENA region to discuss the company’s investment plans in Egypt in the near future.
Kabil said that Mars Egypt will inaugurate two production lines of chocolate at the end of February, with a capital worth EGP 750 million, offering 1,600 direct and indirect jobs. The new expansions, he added, are expected to boost the exports of the renowned chocolate maker to around $100 million annually, raising the value of its investment in Egypt to EGP 2 billion. Mars Egypt’s exports currently stand at $42 million, accounting for 65% of its total production; while its annual sales in the local market amount to EGP 1 billion. “The recent economic reforms carried out by the government have encouraged the company, as well as others, to inject new investments in Egypt; in addition to its unique basket of trade agreements with various countries and economic blocs,” he noted. |
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