Danone mulls new investments in Egypt

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ArabFinance: French corporation Danone intends to increase its investments in Egypt during the coming period, according to a November 29^thstatement.

The expansion plans come in line with the firm’s current investments of EUR 100 million (EGP 1.87 billion) in the Egyptian market, according to Executive Director of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab.

The executive director, however, did not disclose further details about the potential investments.

The food company currently offers around 3,000 job opportunities, GAFI’s official said.

Danone also provides technical support to about 20,000 local families to develop milk collection centers in the Delta area in Egypt, Abdel Wahab confirmed.

President Abdel Fattah el Sisi earlier called for setting up developed milk collection communities nationwide.

Abdel Wahab has recently met with France’s energy company Schneider Electric, which considered pumping additional investments into the Egyptian market.

*At press time, the conversion rate is EUR 1 = EGP 18.73

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