Mars Egypt, a division of the American company operating in chocolate production, will open two new production lines by the end of February with a capital of EGP 750m, according to Minster of Industry and Trade Tarek Kabil.
Kabil said that the new lines will provide 1,600 direct and indirect jobs, adding that the new expansion of the company will contribute to increasing its exports to foreign markets to reach $100m annually.
During Kabil’s meeting with Duncan McCulloch, regional managing director for the Middle East and Africa at Mars Confectionery, and his accompanying delegation on Sunday, they discussed the company’s current and planned investments in the Egyptian market and its export plans to markets in the Middle East and Africa.
Kabil pointed out that the volume of the company’s investments after the new expansions will reach EGP 2bn, which will bring its direct and indirect jobs to 10,000.
He pointed out that the company’s annual sales in the Egyptian market amounted to EGP 1bn and its current exports reached $42m, where 65% of Mars’ productions is exported.
For his part, McCulloch said the company is exporting its products to the markets of 20 countries, including in Africa, the Middle East, and Europe, as well as Australia and India. The Egyptian market represents a major marketing hub for Middle Eastern and African countries.
McCulloch pointed out that the company operates in more than 80 countries and entered the Egyptian market 22 years ago and began investing in the country in 2001. The company also carries out regular expansions in the Egyptian market due to its great successes since launching investments in such an important market, he added.