JOHANNESBURG (Reuters) - Nestle is spending $70 million on expanding its business in South Africa, as the world's biggest food group sharpens its focus on emerging markets.
Nestle said in a statement on Wednesday it will spend around 500 million rand on a new cereal factory and expanding its noodle business in Africa's largest economy.
The maker of KitKat chocolate bars has said it wants at least 40 percent of its business to come from fast-growing markets such as Brazil, China, Ghana and Vietnam within ten years, up from about 30 percent now.
Home to about 1 billion people, Africa is expected to see its population double by 2050.
The explosive population growth, together with rising personal incomes, makes the continent an increasingly attractive target for Western corporations.