Swiss food giant Nestle has hinted that it plans to invest about one billion Egyptian pounds ($137.93 million) in Egypt in the next few years and believes economic reforms could deliver results, Suresh Narayanan its regional Chief Executive Officer (CEO) said Monday.
Political and economic instability triggered by the uprising that toppled autocrat Hosni Mubarak in 2011 have not discouraged Nestle from investing about the same amount in the years since then.
“Certainly the kind of investments we have made over the last three to four years are the kind of vision that we would have for this market also going forward,” Narayanan told Reuters. Nestle said it will invest in manufacturing, new products and the nutrition and health industries.
Food is seen as a fast-growing sector in Egypt, the most populous Arab nation with 90 million people.“I believe the steps that are being talked about in terms of improving the investment laws, improving the laws of labour, improving the overall friendliness that the country has towards investments, all augurs well,” said Narayanan.