Minister of Investment Sahar Nasr during the meeting with the U.S. Pharmaceutical firms - Press Photo
CAIRO – 18 August 2017: A number of global pharmaceutical companies, including Pfizer, GlaxoSmithKline and Abbott, showed interest in increasing their investment volume in Egypt, Minister of Investment said Friday.
Nasr held a meeting with a number of global investing pharmaceutical firms in Egypt, including representatives from GlaxoSmithKline, Pfizer, Merck Sharp and Dohme (MSD), Abbott and Sanofi, with the presence of the vice chairman of the U.S. Chamber of Commerce and representatives from the Egyptian Pharma company.
The U.S. Chamber of Commerce supports the expansions of the U.S. firms in Egypt, the vice chairman of the chamber Steve Lutes said, adding that the chamber is looking forward to working with the ministry to raise the investment and business volumes of a number of American companies in the country.
The volume of investments of the company GlaxoSmithKline reached $800 million with two factories for the firm in Cairo and Giza governorates, representing eight percent of the Egyptian market's volume, Fabio Landazabal the firm's area director in the Middle East and North Africa said.
Moreover, Mohamed Kandil, the director of the U.S. firm Abbot, noted that his companies is investing in the manufacturing of some of the Egyptian public sector companies and participating in developing the manufacturing potentials at these firms.
Pfizer has operated in Egypt since 1961 and has a factory in Almaza district in Cairo governorate, governmental relations director at Pfizer said, adding that the company has agreed on treating 1.7 million people in Egypt from trachoma disease at a total value of $ 50 million over three years until 2019.
The policy and communications director of MSD Egypt, Noha Salem, highlighted that the company has been operating in Egypt for 60 years and has local partners, including Sedico Pharmaceutical Company.
Furthermore, Nasr said that Egypt welcomes the U.S. investors and the country is issuing several regulations to enhance the investment and business environment, including the lately ratified New Investment Law, Financial Leasing Law and the amendments done to the Companies Law.
Egypt is giving due concern to resolving the investment disputed and adopting the mechanism of the investors' service center, the minister added.
On Thursday, the Egyptian Cabinet approved the executive regulations of the New Investment Law, which was approved by President Abdel Fatah al-Sisi on June 1.
The law provides a range of incentives like tax breaks and rebates while reducing red tape for new projects. It stipulates investors get back half of what they pay to acquire land for industrial projects if production begins within 2 years, and provides a 50 percent tax discount on investments made in underdeveloped areas.