Egypt welcomes Black & Decker’s first factory in MENA region
Hussam Heiba, CEO of the General Authority for Investment and Free Zones, and a delegation from the American company Black & Decker have discussed Egypt hosting the company’s first investment outside the United States and Europe.
This investment will involve setting up the first factory for the production of electrical equipment and tools in the Middle East and Africa, to meet local market needs and strengthen Egypt’s position as a regional export hub.
The company’s delegation included Paramesh Venkataswaran, Managing Director for the Middle East and Africa markets,and other senior executives.
The CEO of the authority affirmed the provision of all investment incentives and facilities needed by the company to accelerate the establishment and construction process. This is aimed at maximizing the contribution of the new industrial facility to technology transfer and increasing the manufacturing capabilities of the Egyptian economy.
Paramesh Venkataswaran praised the investment climate in Egypt and the enormous potential of the Egyptian economy,which positions itself as a major center for manufacturing and exports. This supports the company’s efforts to provide better services to its customers throughout Africa and the Middle East, especially with these markets being linked to Egypt through trade and investment agreements that facilitate the flow of the company’s products.
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, such as cordless and electric drills, electric screwdrivers, circular saws, reciprocating saws, orbital sanders, belt sanders, angle grinders, electric hammers, high-pressure cleaners, and tile cutting saws.
Separately, Minister of Investment and International Trade, Hassan Al-Khatib, discussed ways to enhance joint economic relations with Bahrain’s Ambassador to Cairo, Fawzia bint Abdullah.