November 19 2019

Johnson & Johnson raises investments in Egypt to LE 2.3B

Source: Egypt Today

Johnson & Johnson International Pharmaceutical Industries injected LE 125 million in new investments in Egypt during 2019 to increase its investments to LE 2.3 billion, Minister of Trade and Industry Amr Nassar said Tuesday.

Nassar said this step reflects the international business circles and multinational companies' interest to work in the Egyptian market as one of the most important markets in the Middle East and Africa.

He expressed the ministry’s keenness to promote the pharmaceutical industry as one of the strategic industries in the national economy in order to meet the needs of the local market and export to regional and international markets, according to Minister Nassar.

Nassar added in a statement that the Egyptian pharmaceutical products enjoy high quality and great competitiveness in the African market.

This came during a meeting with Ziger Verkotern, vice president of Johnson & Johnson International Pharmaceutical Industries for Europe, Middle East and Africa and Ahmed Khalil, director of Government Affairs and Policy for North Africa.

Nassar referred to the great investment opportunities in the Egyptian market in the field of producing medicine and health care products, which can be exported to the markets of neighboring countries and the African continent.

The minister pointed out the possibility of establishing projects for Johnson & Johnson International in cooperation with the Egyptian pharmaceutical sector in the African continent in light of the ministry's keenness to launch industries in a number of East and West African countries with Egyptian expertise and inputs.

According to the minister, Egypt's advantageous position can enable the company to access regional and international markets. The company can also exploit Egyptian ports on the Red Sea and the Mediterranean to reach countries of East Africa, Southeast Asia and Europe. He stressed that Egypt has a huge industrial base in the pharmaceutical sector that qualifies it to lead the pharmaceutical industry in the region.