Nestle, the Swiss food group, is set to inject $137 million in Egypt in the next couple of years, it emerged on Tuesday.
“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,” Suresh Narayanan, CEO of Nestle’s North East Africa Region told Reuters.
He added that the company thought the North African country’s economic changes had the potential to deliver the goods.
Nestle’s capital outlay will pay more attention on manufacturing, new products and the nutrition and health industries, according to the CEO.
Food is a fast-growing economic sector in Egypt, often described as the most populous Arab nation with the population numbers amounting to 90 million people. A flood of company amalgamations has bolstered the bustle on the Cairo Exchange, showing increasing global interest in Egypt as the economy starts to emerge from the doldrums.
Abdel Fattah al-Sisi, the army chief who deposed Islamist president Mohamed Morsi in 2013, has taken bold steps, such as easing fuel subsidies, that have won praise from foreign investors, according to Reuters.