The Egyptian General Authority for Investment and Free Zones (GAFI) is actively negotiating with Stanley Black & Decker to establish the company's first manufacturing plant outside of the United States and Europe in Egypt. The US company is considering Egypt as a strategic location to produce electrical equipment and tools, both for the domestic market and for export to the Middle East and Africa. GAFI has pledged its full support to Black & Decker, offering investment incentives and facilities to accelerate the project's implementation. The goal is to bolster Egypt's manufacturing capabilities, transfer technology, and stimulate economic growth, according to GAFI Chairman Hossam Heiba. Parmesh Venkateswaran, General Manager for Stanley Black & Decker in the Middle East and Africa, expressed optimism about Egypt's investment climate and its potential as a manufacturing hub. He emphasiSed the region's growing demand for the company's products and the favoUrable trade agreements that would facilitate their entry into the market.
Attribution: The Egyptian Cabinet Subediting: M. S. Salama
