GAFI mulls establishing Black+Decker’s factory in Egypt

PHOTO

Arab Finance: The General Authority for Investment and Free Zones (GAFI) has probed the establishment of the first Black+Decker factory for power tools and home appliances in the Middle East and North Africa (MENA), as per a statement.

This came during a meeting between GAFI’s CEO Hossam Heiba and a delegation from the American firm.

The factory aims to meet the local demand and strengthen Egypt’s position as an export hub in the region.

GAFI is set to provide the company with the necessary investment facilities and incentives to expedite the establishment of the factory, Heiba noted.

He added that this step would optimize the new factory’s contribution to technology transfer, enhance the manufacturing capabilities of the Egyptian economy, and foster economic development.

Furthermore, the authority will provide the firm with all the needed sectoral studies, information regarding feeding industries, and trade agreements with markets targeted for export.