CAIRO - 28 August 2024: The CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, engaged in discussions with the American company Black & Decker regarding the establishment of Egypt's inaugural factory dedicated to the production of electrical equipment and tools.
This milestone initiative, as per a GAFI statement, signifies Black & Decker's expansion beyond the realms of the United States and Europe, marking their inaugural presence in the Middle East and Africa.
Heiba affirmed GAFI's commitment to providing comprehensive support and investment incentives to expedite the establishment process, aiming to enhance technology transfer, bolster manufacturing capacities within the Egyptian economy, and catalyze economic growth through the new industrial facility.
He emphasized that GAFI will furnish the company with essential resources, including insights on ancillary industries and trade agreements with target export markets.
Parmesh Venkateswaran, the General Manager of Middle East & Africa at Stanley Black & Decker, lauded Egypt's conducive investment landscape, which aligns with the company's mission to enhance service provision for customers spanning Africa and the Middle East.
Apart from producing durable home appliances, Black & Decker manufactures a diverse array of electrical equipment and tools crucial for the burgeoning construction sector in Egypt and neighboring regions.
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