Egypt inaugurates $57m factory

Egypt’s Minister of Investment Ashraf Salman Thursday inaugurated the first L’Oréal factory in the country with a total investment worth of $57 million. Egypt is a big market with around 90 million consumers and has access to 1.6 billion consumers worldwide, Samlan said at the new plant located near Cairo.

L’Oréal aims it would be a production hub for its production in the Middle East and North Africa region.

Salman said Egypt is rich in natural and human resources, as well as lands and raw materials.

The government is looking forward to achieving a 4 percent growth rate during the current fiscal year (2014/2015), powered by an integrated program for economic reform, said Salman.

Egypt, located in the center of MENA region, has access to 1.6 billion consumers around the world through trade agreements with Europe and neighboring countries, he added.

L’Oréal’s Egypt factory is hiring around 300 Egyptians, representing 90 percent of its labor force.