AstraZeneca plans $US100m investment in Egyptian market

AstraZeneca plans $US100m investment in Egyptian market

British pharma giant AstraZeneca announced its investment plan in Egypt to up to US$100 million over the coming years, according to local media reports.

The company’s country president Hatem Werdany told Al Arabiya that the investment is aimed at boosting local production by 50 per cent.

Werdany added that the company’s strategy is keen to use 50-60% locally-made products, with a plan to reach 80% over the coming three years.

“This year we have nine new products … and over the coming three years we will introduce 25 new products to the Egyptian market,” he added.

The company does not have any bad impact from foreign currency gap in the country now, Werdany explained.

Egypt is currently working to create a stable economic status with the aim of attracting foreign investments to bridge the funding gap estimated at US$17 billion.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.