Swiss chocolatier Barry Callebaut, the world’s top producer of premium chocolate and cocoa products, will open its first chocolate factory in Egypt with a USD 30 million (EGP 900 million) investment, according to a statement from the General Authority for Investment and Free Zones (GAFI). According to Vamsi Mohan, the company’s Regional Head for Asia, Africa, and the Middle East, the new factory will meet the rising demand in Egypt’s local chocolate market while positioning the country as a key export hub for the Middle East and Africa. This move is part of a broader strategy outlined by the Egyptian government, which has recently introduced new investment policies aimed at boosting foreign investment. These policies include tailored incentive packages for foreign investors, offering tax breaks, streamlined regulatory processes, and enhanced support for key sectors such as manufacturing, technology, and agriculture. Egypt has also introduced the issuance of “golden licenses” as part of its efforts to promote foreign investment. These licenses grant investors a fast-track route for establishing and operating their businesses, offering them a range of benefits such as exemptions from certain regulatory requirements, reduced bureaucratic hurdles, and quicker approval…
Barry Callebaut, Swiss Chocolate Giant, to Build $30 Million Factory in Egypt
October 9, 2024
