Egypt's Minister of Trade and Industry Tarek Kabil attends an agreement signing ceremony at the El-Thadiya presidential palace in Cairo, Egypt October 5, 2016 - REUTERS/Amr Abdallah Dalsh
CAIRO - 31 January 2018: Trade and Industry Minister Tarek Kabil unveiled plans by Poland's Polfa consortium to set up a complex for baby formula production in the Tenth of Ramadan city at investments of LE 600 million at the first stage.
The Polish group is also planning to set up several investment projects in the Egyptian market, especially in the pharmaceutical industries domain, Kabil said following a meeting with the board chairman of the consortium on Wednesday.
The project will be financed through the Polish Development Bank, according to a statement by the ministry.
The second stage of the project will include the manufacturing of dairy products like cheese and butter, the statement said, adding that total investments of the first and second stages will reach LE 1.5 billion.
Production is likely to start by the end of the year, the statement said.
Kabil said the project will help secure local market's needs of baby formula with the possibility of exporting part of the output to some Arab and African countries.
The Polish official said his company is looking forward to pumping investments in the Egyptian market.
The Egyptian market is so promising, he said, adding that the complex project will be carried out by a consortium comprising Polfa company for pharmaceutical products and Mlekovita dairy products company.
He lauded the distinguished role played by the Egyptian trade representation office in Warsaw to facilitate Polish investments in the Egyptian market.