Abu Auf Food Industries plans to invest EGP 50m in 2017, half of which will be financed by the Societe Arabe Internationale De Banque (SAIB Bank) and the National Bank of Abu Dhabi. Auf said that the high cost of production forced the company to consider new products, such as peanuts and hibiscus. He explained that the decision to float the pound raised the competitiveness of Egyptian products in target markets, which was hard to achieve before. Auf said that the overall performance of Egyptian exports in the first three months of 2017 was good and is expected to reach $22bn at the end of the year, up from $19bn last year. On the external marketing of Egyptian products, Auf said that the commercial representation offices abroad are weak, especially as their data do not meet the needs of exporters.

Source: Daily News Egypt April 27, 2017 10:07 UTC