Last Update 13:48
Wednesday, 16 October 2019

French cosmetics giant L'Oreal inaugurates Egypt plant

Ahram Online , Thursday 12 Feb 2015
L
File photo: L'Oreal cosmetic and beauty products are seen in a hairdresser shop in Nice, southern France, November 5, 2008. months (Photo: Reuters)
Share/Bookmark
Views: 3720
Share/Bookmark
Views: 3720

French cosmetics company L’Oreal inaugurated a plant in 10 Ramadan city near Cairo on Thursday with investments worth EU50 million ($57 million). The 10 Ramadan site is the company’s first factory in the Middle East and North Africa, according to state news agency MENA.

The plant, which will create 300 jobs, will focus on exporting 90 percent of its production to the Middle East and North Africa, said Benoit Julia, country managing director at L’Oreal.

There are 150 French companies operating in Egypt, creating around 33,000 jobs, and with total investments amounting to EU3 billion ($3.4 billion), Andre Parant, French ambassador to Egypt, said at the inauguration.

France was Egypt’s ninth biggest trading partner in the first quarter of the current fiscal year at a value of $809.8 million.

Foreign direct investments from France, the fourth largest from the European Union, were $347.4 million in the fiscal year 2013/14 according to central bank figures. The first quarter of the current fiscal year saw French FDI jump 84 percent to $47.1 million, compared to $25.6 million the same period a year earlier.

France will participate in the Egyptian Economic Development Conference to be held in the resort town of Sharm El-Sheikh in mid-March to attract investments, Baran added.

Egypt hopes to attract investment of $10-$12 billion for 20 projects at the conference, Minister for International Cooperation Naglaa El-Ahwany said in November.

Egypt is expecting to achieve 4 percent growth by the end of the current fiscal year, Minister of Investment Ashraf Salman has said.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.