Switzerland-based Barry Callebaut, the world’s largest chocolate manufacturer, has unveiled plans to construct a $30 million factory in Egypt. The company holds approximately 40 percent of the global market share in chocolate production and around 20 percent in cocoa bean processing.
During a visit organized by Egypt’s General Authority for Investment and Free Zones (Gafi), Vamsi Mohan Thati, regional president for Asia, Africa, and the Middle East at Barry Callebaut, confirmed the company’s intention to enter the Egyptian market through this new chocolate manufacturing facility.
Barry Callebaut currently operates 66 factories worldwide and employs over 13,000 staff. The investment comes at a challenging time for Egypt’s economy, which is grappling with rising inflation and declining business conditions. According to S&P Global’s Egypt PMI, business activity in the non-oil private sector saw a significant downturn in September, with the headline index dropping to a five-month low of 48.8, indicating a contraction.
Inflation remains a pressing issue, with annual rates reaching 25.6 percent in August, up from 25.2 percent in July. The new factory is expected to provide a boost to the local economy amidst these challenging conditions.
