U.S. Company "Kemin" plans to expand its activities in the Egyptian market through injecting new investments worth EGP 1.8 billion over the next three years, according to General Authority for Investment and Free Zones (GAFI).
This came during a meeting on Wednesday between GAFI Chairman Mohamed Abdel-Wahab and Chris Nelson President & CEO of Kemin Industries to discuss the company's expansion plans in the Egyptian market, and tools to ease its operation in the country.
Abdel Wahab said that the meetings came amid the Authority strategy to communicate with companies that seek to expand and increase their productivity in Egypt, especially those that help localize modern technology.
"The Authority's keens to support and encourage private investments in a number of sectors, to keep pace with the public investments implemented by the state," he added.
On his part, Magdy El-Sayed, CEO of MEVAC ; Middle East for Vet. Vaccines, of which Kemin is a major partner, gave a presentation on the company’s expansion plan in Egypt, which includes injecting new investments worth EGP 1.8 billion over the next three years.
El-Sayed said that Kemin aims to establish 3 new factories for the production of veterinary and human vaccines, in addition to the establishment of a farm on an area of 100 feddans to produce eggs, which are used during the production process of vaccines.
He pointed out that the economic reforms that Egypt witnessed as well as the facilitation of the investment climate were the main motivation for the company's plan to pump new investments in the country.
Kemin is one of the largest companies in the field of manufacturing veterinary vaccines in Egypt, the Middle East and Africa, in addition to manufacturing pharmaceutical and human vaccines that cover some of the needs of the local market. The U.S. company also exports its products to more than 15 countries, and has more than 22 factories worldwide.
Follow the latest news on Google News
