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.
The minister stated that the meeting confirmed the depth and historical nature of the bilateral relations between Egypt and Bahrain. The meeting also highlighted the distinguished relations between President Abdel Fattah El-Sisi and King Hamad bin Isa Al Khalifa, King of Bahrain.
Al-Khatib indicated that the meeting emphasized the importance of activating joint efforts between the two countries to translate the distinguished relations between Cairo and Manama into tangible economic and investment cooperation projects that serve the interests of both brotherly peoples and the Egyptian and Bahraini economies alike. He highlighted the importance of working to increase Bahraini investments in the Egyptian market to meet the aspirations of the two brotherly countries.
The Minister explained that the Egyptian state aims during the current phase to activate the role of the private sector within the national economic system, noting that the government is currently working to provide more facilities for investors by reducing the number of government agencies that deal with investors.
Al-Khatib pointed to the ministry’s keenness to provide more incentives for Bahraini investors to invest and expand in the Egyptian market, affirming his aspiration to hold a broad meeting with representatives of the Bahraini business community to review their visions and aspirations to increase Bahraini investments in the Egyptian market in various fields.
For her part, Fawzia bint Abdullah, the Bahraini Ambassador to Cairo, affirmed her country’s keenness to strengthen frameworks for joint economic cooperation with the sisterly state of Egypt in various fields and at all levels, pointing to the importance of enhancing joint efforts between the governments of the two countries to activate all agreements and memoranda of understanding signed between Bahrain and Egypt to achieve the maximum possible benefit from them.
She praised the achievements and major national projects implemented by the Egyptian state in various fields, noting that these projects represent an attractive element for Arab and foreign investments.
The ambassador pointed to the importance of benefiting from Bahrain’s position as a major commercial and logistical hub for Egyptian exports to various countries of the world, especially to the Arab Gulf region.
Main image credit: USA Today website.
