PepsiCo invested USD 1 bn in Egypt last two years -Shelbaya

PepsiCo has invested USD 1 bn in Egypt over the past two years, the company’s general manager for Egypt, Mohamed Shelbaya, is quoted as having told Al Borsa. Pepsi has a 55% market share in soft drinks, while subsidiary Chipsy controls a 60% share in the potato chip / crisps market. Shelbaya says PepsiCo sales took a 10-12% hit recently due to inflationary pressures, but he expects them to rebound and stabilize. The company is also working on enhancing its domestic footprint by increasing the local component and inputs used for its products manufactured in Egypt. One such expansion is in PepsiCo’s move to acquire land to grow potatoes on domestically to feed its production down the supply chain. Shelbaya also noted that the company is in talks with the Trade and Foreign ministries to expand the scope of its exports into East African markets.