El-Horreya 2000 for Food Industries aims to increase its exports by 20% in 2017.
The company’s managing director, Hassan Fendi, said that the company is planning to introduce new products such as bonbons and new types of wafer biscuits during the Gulfood exhibition in Dubai.
He added that the company is keen to participate in the Gulfood exhibition in Dubai every year to get to know new customers and develop a relationship with existing clients, especially as the exhibition receives delegations from all over the world.
He emphasised that the company is looking forward to launch its new wafer biscuit and bonbon products, among them cappuccino, coffee, butter, and milk variations.
Fendi said that the company added new machines to its production lines in order to launch the new products and increase its production capacity by 20%.
Fendi said that the company plans to achieve a growth rate of more than 25% by the end of 2017, and to increase exports by 20% through expansion to the Libyan, Iraqi, German, and a number of African countries’ markets.
He pointed out that the decision of the Central Bank of Egypt (CBE) to float the pound contributed to the competitiveness of Egyptian exports abroad after reducing the value of product prices by 50%. However, the decision increased products prices on the domestic level.
Fendi expects that the sugar crisis is to be solved in the coming period. He also expects a decline in sugar prices to between EGP 8,500 and EGP 9,000 per tonne, compared to EGP 11,000 in the current year and a low of EGP 4,000 in 2016.
He said that increasing prices of sugar is not justified, especially since Egypt produces 65% of its needs, and the world price of sugar is not increasing in the current period.