Swiss chocolatier Barry Callebaut, the world’s prime producer of premium chocolate and cocoa merchandise, will open its first chocolate manufacturing unit in Egypt with a USD 30 million (EGP 900 million) funding, in line with a assertion from the Common Authority for Funding and Free Zones (GAFI).
Based on Vamsi Mohan, the corporate’s Regional Head for Asia, Africa, and the Center East, the brand new manufacturing unit will meet the rising demand in Egypt’s native chocolate market whereas positioning the nation as a key export hub for the Center East and Africa.
This transfer is a part of a broader technique outlined by the Egyptian authorities, which has just lately launched new funding insurance policies aimed toward boosting international funding. These insurance policies embody tailor-made incentive packages for international buyers, providing tax breaks, streamlined regulatory processes, and enhanced assist for key sectors corresponding to manufacturing, know-how, and agriculture.
Egypt has additionally launched the issuance of “golden licenses” as a part of its efforts to advertise international funding. These licenses grant buyers a fast-track route for establishing and working their companies, providing them a variety of advantages corresponding to exemptions from sure regulatory necessities, lowered bureaucratic hurdles, and faster approval processes.
Yasser Abbas, Deputy CEO of GAFI, highlighted the Authority’s dedication to supporting Barry Callebaut at each stage of the challenge. This consists of facilitating land allocation, firm setup, and operational processes to make sure a seamless and sustainable manufacturing circulation.
In 2022, Egypt exported USD 262 million (EGP 7.86 billion) price of chocolate, rating because the twenty fourth largest chocolate exporter globally. Moreover, there was a surge in new native chocolate manufacturers catering to the rising era, together with Moko Candies and Wunder Chocolatier.
