Demonstrating confidence in Egypt’s economy, Henkel has announced that it is investing LE300 million (US$39m) to develop its personal care product factories in Port Said and Cairo.
The maker of Fa soap and Persil detergent began its operations in Egypt in 1992 and has two plants in Egypt. Henkel currently employs 830 workers in the country.
The investment has been applauded by Egypt’s Trade and Industry Minister Mounir Fakhry Abdel Nour, who is keen to strengthen the country’s industrial sector.
In a meeting with Peter Florenx, Vice President of Henkel, Abdel Nour revealed the government’s plans to increase Egypt’s industrial sector exports by developing the country’s bilateral and multilateral trade agreements.
Currently, Egypt has an African free trade agreement, which was signed in June between the top three African economic blocs, the COMESA, SADC and the East African Community.
Abdel Nour revealed that two more trade agreements are in the pipeline – the Mercosur convention, due to be established with Brazil later this year, and a free trade zone between Egypt and the Eurasian Economic Community, which includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.