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


More in News

Egyptian Media Mogul Mohamed El Amin Sentenced to 3 Years for Human Trafficking

Egyptian Streets24 May 2022

Egyptian Superstar Mo Salah Wins Premier League Golden Boot and Playmaker Award

Shereif Barakat22 May 2022

No Cases of Monkeypox Reported in Egypt: Preventive Medicine Sector

Egyptian Streets22 May 2022

Egypt Reaches Water Poverty Stage: Local Development Minister

Shereif Barakat21 May 2022

Egypt Bids Farewell to Veteran Actor Samir Sabry, Aged 85

Egyptian Streets20 May 2022

Central Bank of Egypt Raises Interest Rates by 2%

Marina Makary19 May 2022

Egypt to Open Airport Near Pyramids in July

Shereif Barakat19 May 2022

Egypt’s Vision to Increase Private Sector Investments to 65% in 3 Years

Egyptian Streets16 May 2022