Egypt discusses Emirati IFFCO’s expansion plans for cooking oil, soap production
Updated 11/19/2024 3:35:00 PM
Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib met with the CEO of the Emirati company IFFCO Karim Hassan to discuss the company's expansion plans in Egypt, as per a statement.
During the meeting, El-Khatib emphasized the government’s commitment to supporting IFFCO in its efforts to diversify and expand its projects.
He highlighted Egypt’s promising investment climate, driven by ongoing reforms in financial, monetary, and trade policies. These include reducing customs clearance times, alleviating tax burdens, and facilitating foreign trade operations.
Meanwhile, Hassan outlined IFFCO’s expansion plans, citing Egypt’s attractive investment landscape as a key factor.
Operating in Egypt since 1999, IFFCO is a global leader in producing edible oils, natural ghee, and soap, with projects in 50 countries.
The company aims to diversify its activities further by producing food products for export.
IFFCO’s current operations in Egypt include two factories in the Suez industrial zone.
The first, covering 175,000 square meters, specializes in oils and fats with an annual production capacity of 360,000 tons.
The second, spanning 20,000 square meters, focuses on personal care products with an annual output of 160,000 tons.
IFFCO’s total investments in Egypt stand at EGP 6 billion, with total exports estimated at EGP 647 million in the previous fiscal year (FY) 2023/2024, serving 18 global markets.
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