Egypt’s Economy Needs More Foreign InvestmentsSource: www.export-egypt.com 9/19/2019, Location: Africa |
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Egypt needs to focus on attracting more foreign investments, capitalising on the economic reform programme that positively affected the business sector and contributed to the development of projects, said Ahmed Ragab, chairman of Food-Xperts, the first marketing company to work in the food products sector.
In an interview with Ahram Online, Ragab said Egypt’s interest to establish a solid industrial infrastructure was notable and very important for the economy, and encouraged the foreign business community to work in the domestic market. “Food-Xperts has a six-year strategy that targets to connect foreign investments to Egyptian companies via several means including franchising, forming alliances and signing protocols. "We cooperated with the French Food Progress and Soreal companies, specialised in food products, to transfer their experiences to the Egyptian market and to establish new projects,” he added. “Our objective is in line with Egypt’s goal to direct foreign investments to the domestic market through partnerships and exchanging experiences”, according to Ragab. To bring his point home, he suggested that in the food production business locally produced food dressings and sauces, for example, were having a hard time finding a place in the market due to the increasing prices and international competition. The business, therefore, deteriorated. Ragab believes this area can attract new investments to open up businesses that produce food dressings and sauces with good quality and affordable prices, especially that these items are essential ingredients in every kitchen. “We made a deal with Soreal that has the ability to customise sauces to appeal to Egypt's authentic cuisine. We also managed to establish a link between Egypt’s International Company for Food Industries and Soreal to establish a branch for the French company in MENA and North Africa,” Ragab said. This kind of partnerships promoted the idea of investing in Egypt and the ease of channelling foreign experience to the country to improve its products and their quality, he added. |
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