PepsiCo Egypt unveiled its plans to pump investments up to $500 million within the next three years in order to increase its production.
The company aims to use the funding to improve production lines and implement new technologies in offices and factories to save time and expenditure.
In an interview with Al-Masry Al-Youm, PepsiCo Egypt CEO and chairman Shelbaya said that the firm is looking to commence exports for the first time this year.
Shelbaya added that though the country has robust infrastructure and a safe environment to operate, there are challenges such as incentives for investments.
He emphasised the need to reform the investment environment in Egypt by offering special tax incentives for productive sectors.
Last month, PepsiCo’s bottling partner Varun Beverages (VBL) received approval from the Competition Commission of India (CCI) to acquire the franchise rights of PepsiCo in southern and western India.
The announcement was made by the bottling company in its regulatory filing. CCI approved a proposed acquisition following a meeting that took place on 22 March this year.
In February, PepsiCo agreed to acquire Hormel Foods’ supplements business CytoSport.
Based in California, the subsidiary’s muscle milk and other nutrition products contain high levels of protein for sports applications. They are sold to the US market.
The acquisition is said to be in line with PepsiCo’s current strategy and will support its protein business.