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Cargill to expand its investments in Egyptian market - Daily News Egypt

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Cargill to expand its investments in Egyptian market

Ministry of Industry to arrange Egyptian-German business forum in first half of June


The Ministry of Trade and Industry said that in a press statement issued on Saturday that Cargill is willing to expand in the Egyptian market in the field of storing grains in El-Daqhleya port and a project of vegetable oil in Borg Al-Arab city, which is currently being established.

The Minister of Industry, Tarik Kabil, held a meeting with the CFO of Cargill, Marcel Smits, according to the statement. Kabil said that the ministry is studying the project for expansions in Daqahleya port, currently pending final approval and licenses from all authorised bodies.

Kabil added that the government is studying obstacles that investors face in vegetable oils production, adding that the ministry concluded an agreement with the Authority of Agricultural  Quarantine that make an easier ways of oil productions, which meet all the Egyptian safety standards.

However, Smits said that the Egyptian market is very important, that is why the company always wants to implement expansions, said the ministry’s press statement.

Cargill has been active in Egypt since 1994 and today has over 300 employees there, with headquarters in Cairo and additional activities in Alexandria, according to its website.

On another note, the minister announced that he is currently working on establishing an Egyptian German business forum in Berlin during the first half of next month, adding that many Egyptian and German companies are willing to participate.

Kabil held a meeting with the CEO of the German-Arab Chamber of Industry and Commerce, Andreas Hergenröther, in Cairo, to discuss ways of enhancing bilateral relation between the government and the chamber.

According to the statement, Kabil said that the value of trade between Egypt and Germany last year recorded $5.567bn and the current German investments in Egypt are worth $619m, mainly in the fields of construction materials, cars, telecommunications, steel, petroleum, gas, healthcare equipment, and car parts.

The minister appreciated Hergenröther’s invitation to visit Germany next April to attend an industry forum.

Hergenröther said that the forum reflects the  positive view of the German business community for Egypt. He emphasised that he is working to improve the ties between both countries, adding that the forum will help to transfer German energy technologies to Egypt.

https://ww.dailynewssegypt.com/2017/05/20/cargill-expand-investments-egyptian-market/
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