18 September 2019
Potato products manufacturer Farm Frites Egypt has opened a new factory in 10th of Ramadan City at an investment of $40 million.

The factory, spanning an area of 9,300 square metres, has a production capacity of 50,000 tonnes per year, the company said in a press statement on Wednesday.

General Manager of Farm Frites Egypt Ahmed Sadeeq told Thomson Reuters Projects that the new factory will increase the company's total production to 150,000 tonnes per year.

He said Farm Frites Egypt is planning to export 65 percent of its total production to 20 countries including Japan, the US and new markets in Russia.

The company is targeting to grow its export revenues to $90 million by 2020 from existing $75-80 million, he added.

In March, Thomson Reuters Projects had reported that the company is also planning to expand its potato farming operations in the country.

At the opening ceremony of the new plant, Egypt's Minister of Investment and International Cooperation Sahr Nasr had said that a total of 648 Dutch companies were operating in Egypt, representing a total investment of $10 billion.

Farm Frites Egypt was established in 1988 as a joint venture between Farm Frites Holland, the third largest potato processing company in the world and Kuwait Food Company (Americana), according to the company website.

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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