Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), has met with a delegation from the American company Black+Decker to discuss the company's first investment outside the United States and Europe, which will be in Egypt. This investment involves establishing the first factory for producing electrical equipment and tools in the Middle East and Africa. The factory aims to meet local market needs and enhance Egypt's role as an export hub in the region. Heiba emphasized that all necessary facilities and investment incentives will be provided to expedite the establishment and construction process. This initiative aims to maximize the new industrial facility's contribution to technology transfer, increase manufacturing capabilities in the Egyptian economy, and support economic growth. He also noted that GAFI will provide the company with all sectoral studies and information about supporting industries and trade agreements with target export markets. Parmesh Venkateswaran, General Manager for the Middle East & Africa at Stanley Black & Decker, praised Egypt's investment environment and the immense potential of its economy. He highlighted that Egypt's position as a significant hub for manufacturing and exporting supports the company's efforts to provide better services to customers across Africa and the Middle East. The trade and investment agreements between these markets and Egypt facilitate the flow of the company's products, including electrical tools and household appliances. In addition to durable household appliances, the company produces a wide range of electrical equipment and tools needed by the rapidly growing construction sector in Egypt and the region. These products, which are not currently manufactured in the Middle East and Africa, include cordless and electric drills, electric screwdrivers, circular saws, reciprocating saws, orbital sanders, belt sanders, angle grinders, electric hammers, high-pressure cleaning equipment, and tile cutters.
