News

Pepsi Invests $500 million in Egypt

Pepsi Invests $500 million in Egypt

PepsiCo has announced that it will invest $US 500 million in Egypt in 2015, a day after Coca-Cola similarly announced it would be investing $US 500 million.

General Manage of the PepsiCo North East Africa and Egypt Business Unit Ahmed El-Sheikh told Reuters at the Egyptian Economic Development Conference (EEDC) that PepsiCo plans to expand its production in Egypt.

El-Sheikh added that in 2014, PepsiCo achieved sales of $US 1.2 billion in Egypt.

The investment, El-Sheikh said, would provide new job opportunities for locals.

PepsiCo’s announcement came after Coca-Cola announced $US 500 million in investments during the coming three years, creating 4,000 direct jobs and thousands of indirect job opportunities.

The conference, held to boost foreign investment to restore Egypt’s economy, has attracted delegations from the United States, the United Kingdom, the European Union, Russia, United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Japan, China, India and more.

Among those in attendance are the US Secretary of State John Kerry, Palestinian President Mahmoud Abbas, Jordanian King Abdullah II, the United Kingdom’s Foreign Secretary Philip Hammond, Ethiopia’s Prime Minister Desalegn, Sudan’s President Omar Al-Bashir and other high level officials.

The conference will see 2,000 delegates from 112 countries come to Sharm El-Sheikh amid tight security.

$45 Billion in Foreign Investments Pledged For Egypt
'Egypt Is Open For Business' As More Than $15 Billion Investments Pledged

Subscribe to our newsletter


News

More in News

Egypt's Karim Abdel Gawad and France's Camille Serme

Egypt’s Karim Abdel Gawad Wins Tournament of Champions in New York

Egyptian StreetsJanuary 21, 2017
22.jpg.crop_display

Cairo Court Lists Egyptian Football Legend Aboutreika on Terror List

Egyptian StreetsJanuary 19, 2017
32385636795_e6f5d7101d_z

Egypt Secure Spot in Knockout Stage at 2017 Handball World Championship

Egyptian StreetsJanuary 19, 2017
1073779_big-lnd

Egypt’s Essam El-Hadary Makes African Cup History

Egyptian StreetsJanuary 18, 2017
pol

Eight Policemen Killed in Attack in Egypt’s New Valley

Egyptian StreetsJanuary 17, 2017
Tiran Island

Egypt High Court Declares Void Transfer of Tiran and Sanafir to Saudi Arabia

Egyptian StreetsJanuary 16, 2017
Top-best-hd-wallpapers-dubai-skyline-hd-wallpapers-imagen-by-balamuda

Egyptians Invest EGP 13 Billion in Dubai Real Estate in 2016

Egyptian StreetsJanuary 15, 2017
A pharmacist searches for medicine at a pharmacy in Cairo, Egypt, November 17, 2016. REUTERS/Mohamed Abd El Ghany

Medicine Prices in Egypt Increased by up to 20%

Egyptian StreetsJanuary 13, 2017
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2016 ES Media UG. All Rights Reserved.