Introduction
Barry Callebaut, a global leader in chocolate and cocoa production, has announced plans to invest $30 million in a new chocolate manufacturing facility in Egypt. This move marks the Swiss company's entry into the Egyptian market, aiming to tap into the growing demand for chocolate products while positioning Egypt as a regional hub for exports.
High-Level Discussions with Egyptian Investment Authorities
The announcement was made during a meeting between Yasser Abbas, Deputy CEO of the General Authority for Investment and Free Zones (GAFI), and a delegation from Barry Callebaut, led by Vamsi Mohan, the company's Regional Head for Asia, Africa, and the Middle East. The meeting focused on the company's investment plans and its strategic vision for Egypt as a key player in the Middle Eastern and African chocolate markets.
Building a Regional Hub for Chocolate Production
Barry Callebaut’s planned investment in Egypt will not only meet the growing local demand for chocolate but will also enable the company to export its products to neighboring countries in the Middle East and Africa. With 66 factories worldwide, Barry Callebaut is one of the largest chocolate and cocoa producers in the world, and this new factory in Egypt will play a vital role in expanding its global footprint.
Vamsi Mohan highlighted the importance of Egypt’s location and market potential, stating that the new facility will serve as a strategic hub for the region.
Egypt’s Improved Investment Climate
During the meeting, Yasser Abbas showcased the recent improvements in Egypt’s investment climate, emphasizing the country’s efforts to attract foreign investment through a series of new guarantees and incentives. These include facilitating company establishment, easing land ownership processes, and expanding the issuance of Golden Licenses to simplify operational procedures for investors. The Egyptian government has also made strides in enhancing governance, transparency, and promoting competitive neutrality, making the market more attractive to international companies like Barry Callebaut.
Support from GAFI and the Egyptian Government
Abbas confirmed the Egyptian government’s full support for Barry Callebaut throughout all stages of the project. This includes streamlining processes related to land acquisition, company establishment, and operational procedures to ensure the factory's smooth and sustainable operation. The initiative reflects Egypt’s commitment to fostering a business-friendly environment for global investors.
Key Stakeholders in Attendance
The meeting was also attended by several high-level executives and advisors, including Ameen Mabrouki, CEO of Barry Callebaut for the Middle East and North Africa, Ehab Nabil, General Manager of Cocoa Production for the region, Mouness Amin, CEO of Wise Financial and economic advisor to Barry Callebaut, and Mai El-Gendy, General Manager of Foreign Investment Attraction at GAFI. Their participation underscores the strategic importance of the project and the collective effort to ensure its success.
