Procter & Gamble to Pump $50 Mln into Egyptian Market

Procter and Gamble aims to pump more than $ 50 million into the Egyptian market during the years 2020/21, according to Chairman and General Manager of P&G for North Africa Tamer Hamed.

This came during a meeting on Sunday between Chairman of the General Authority for Investment and Free Zones Mohamed Abdel-Wahab and head of Corporate Affairs at Procter & Gamble (P&G) North Africa Tamer Younes and General Manager Tamer Hamed.

The meeting aimed at discussing the company's expansion plans, especially with regard to deepening local manufacturing, increasing the volume of exports, and attracting new investments in industries that feed the company's activity in Egypt.

Hamed reviewed the current investments of the company within the Egyptian market, which exceeded EGP 3.5 billion, noting that the volume of its exports exceeds $200 million annually, which are exported to more than 35 countries, explaining that the company provides about 1300 direct job opportunities in addition to 10 thousand Indirect job opportunity.

Hamed stated that "Procter & Gamble" has future and expansion plans, especially with regard to deepening local manufacturing and export, as the company aims during the current year until the end of the year 2021 to pump more than $ 50 million represented in a new line to produce protective masks, and expansions in production operations at each of its factories located in the 6th of October City.

From his side; Abdel-Wahab said that one of the most important axes of promoting investment and putting future and expansion plans for companies and investors into implementation is to remove the challenges before them, noting that the periodic meetings that have become a clear policy pursued by the authority recently aiming to transfer expansionary investment plans to a tangible reality that is reflected in the economic growth rate of the country.

Procter and Gamble promotes exports in Egypt

At the end of the meeting, Hamed praised the general authority for its efforts made to overcome obstacles to investors and improve the business climate, in order to support the company's plans to pump more investments and increase the proportion of exports.

P&G is a U.S. multinational consumer goods corporation specialized in a wide range of personal health, personal care and hygiene products.