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Nestle to invest up to $250m in Egypt over the next five years Commitment represents more than the multinational spent in Egypt in the previous 10 years and comes after surging sales for the last five months
Suresh Narayanan Chief Executive Officer at Nestle Egypt and Head of North East Africa Region says he is "totally confident" of the prospects of the post-revolution Egyptian market. "Nestle just decided to invest from 200 to 250 million dollars in Egypt in the coming five years,” the Egypt's multinational CEO told IMD business conference held in Cairo on Tuesday. He added that the amount his company is "intending to invest in Egypt in the next five years is higher than what it invested in the last 10 years." Narayanan added that "his department's sales in the first five months, were amongst the top five in Nestle markets outside Europe and the US, despite the revolution. Our department includes Egypt, Sudan and Libya, and while sales in Libya and Sudan suffered a blow, our sales in Egypt surged, and were the main reason behind our good results. "The country is quite stable, we had some minor problems so far, but we are here to stay because we believe in the capacity of growth in this market," concluded Narayanan.
