Global confectionery manufacturer Mars inaugurated on Tuesday two new production lines worth over EGP 750 million in investments at its production plant in the Greater Cairo city of 6 October.
Mars' investments in Egypt are set to increase to EGP 2 billion by year-end, said Martin Radvan, President of Mars Wrigley Confectionery, Al-Ahram Arabic news website reported.
The inauguration is a message for global companies to invest in Egypt, said Trade and Industry Minister Tarek Kabil who attended the ceremony.
Egypt is the center of production and exports for Mars in the Middle East, Radvan added.
The expansion will increase the value of the company’s exports from Egypt to $100 million every year and volume of exports to around 90% of production, said Ehab Abou-Oaf, Regional President for the Mars Wrigley Confectionery segment in Asia-Australia, Middle East & Africa.
Egypt's industrial production grew by 33% year-on-year in the last six months of last year, according to World Bank data, mainly driven by the imports cut which boosted local production, Minister Kabil noted.