Nadina Salama, marketing manager for Informa Egypt, told delegates of Health Ingredients Europe in Frankfurt last week that Egypt has recovered well since the revolution of 2011 adding that “The market is open for investors to come in and, right now, food consumption is huge."
“With a yearly population growth of 2.2% and an estimated population of 99.4m this year, it’s a good place to invest."
The country's economy is growing at 5.5pc, the fastest in the Arab world and is now Africa's second-largest economy (Independent Online, April 2018).
Salama revealed food now represents 40% of the average consumption basket (CAPMAS) and food and non-alcoholic drink spend is expected to grow from $262 in 2017, to $436 by 2022.
She said the country “has a plan to increase investment and export demand”.
The government has set up new laws to modernise and reduce barriers for international companies investing and operating in Egypt. These laws ultimately aim to expand economic growth, domestic production, exports and foreign investment, and boost employment.
She added that Egypt can be used as a gateway to other global markets thanks to its strong connection to the continent of Africa and the Middle East and, through the Suez Canal, the sea lanes of Asia and the Mediterranean.
“We have 500,000 neighbouring areas that have not been tapped into that have potential for trade as well.”