Peruvian AJE Group invests $10M to expand production in Egypt

Updated 10/7/2024 4:02:00 AM

Arab Finance: Peruvian AJE Group, the fourth-largest beverage producer globally, is investing $10 million to enhance its operations in Egypt, as per a statement.

CEO of AJE Group Augusto Bauer made the announcement during a meeting with CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba, held in the presence of Peruvian Ambassador to Cairo Jose Betancourt Rivera.

The investment will fund the addition of two new production lines at AJE's factory in the 6th of October City, focusing on juices, soft drinks, and energy drinks.

This expansion aims to leverage Egypt's recent economic and legislative reforms, which have increased the competitiveness of the local market and address the growing demand for soft drinks in Egypt and surrounding Arab and African markets.

Since beginning production in Egypt in 2014 with an initial investment of $44 million, AJE has capitalized on the advantages offered by the Egyptian market, steadily increasing its share of the soft drinks and energy drinks sector.

Bauer emphasized the company’s commitment to utilizing technological advancements to support the Egyptian government's environmental initiatives, reduce carbon emissions, and create job opportunities while fulfilling its social responsibility.

For his part, Heiba confirmed the authority's commitment to supporting AJE and ensuring that the company benefits from investment expansion incentives outlined in the Investment Law.

He also mentioned that the authority is targeting additional investments from Peruvian companies in sectors such as agriculture, irrigation, food and beverages, and mining, leveraging Peru's advanced technologies and expertise.

Meanwhile, Rivera expressed the eagerness of the Peruvian business community to establish partnerships with Egyptian firms and transfer technology to Egypt.

He praised Egypt’s efficient workforce, flexible investment systems, and sustainable returns on investment, announcing plans for increased collaboration between Peruvian and Egyptian companies.