Nestle plans to invest approximately $137.93 million in Egypt in the next few years and believes economic reforms could deliver results. Political and economic instability have not discouraged Nestle from investing about the same amount in the years since 2011. “Certainly the kind of investments we have made over the last three-to-four years reflect the vision that we would have for this market, going forward,” says Suresh Narayanan, Nestle’s North East Africa region CEO.
Considering that food is a fast-growing sector in Egypt, Nestle aims to invest in manufacturing, new products and the nutrition and health industries. While Narayanan said it was important for Egypt to gain greater stability, Nestle and other companies seem more focused on the government’s promise to make life easier for investors. “I believe the steps that are being talked about in terms of improving the investment laws, improving the laws of labour, improving the overall friendliness that the country has towards investments, all augurs well,” he adds.
Other food and beverage retailers such as Coca-Cola Co, PepsiCo and Saudi Arabia’s Almarai have also announced investments worth hundreds of millions of dollars in Egypt.