Switzerland-based Barry Callebaut, the world's largest chocolate producer, has announced plans to construct a $30 million factory in Egypt. With a 40% market share in chocolate production and 20% in cocoa bean processing, the company is a major player in the global chocolate industry. Vamsi Mohan Thati, Barry Callebaut's regional president for Asia, Africa, and the Middle East, revealed the company's plans during a visit hosted by Egypt's General Authority for Investment and Free Zones (GAFI).
Barry Callebaut operates 66 factories worldwide and employs over 13,000 people. The decision to invest in Egypt comes at a challenging time for the country’s economy.
According to S&P Global’s Egypt Purchasing Managers’ Index (PMI), business conditions in the non-oil private sector deteriorated in September, with output and new orders declining at the sharpest rates since April. The PMI stood at 48.8, indicating a modest decline, and inflation remains high, with annual headline inflation reaching 25.6% in August.
Despite these economic headwinds, Barry Callebaut plans to move forward with its investment to establish a foothold in the Egyptian market.
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