Located in the northeast corner of the continent of Africa, Egypt bridges the worlds of the Sahara and the Middle East. Its long and storied history is centered on the Nile River, whose fertile banks and logistical value have helped establish the prosperous Egyptian economy. Evidence of Egypt’s economic strength is in its Gross Domestic Product of $272 billion, ranking the country 40th globally, according to the World Bank.
It’s not surprising that Egyptian companies are seeking opportunities for growth and expansion in the U.S. Recently, Buffalo Niagara Enterprise was instrumental is assisting an Egyptian manufacturer to locate in Western New York.
Petrolift is a Cairo-based manufacturer of web slings and lifts for industrial applications in the oil and gas industry. From manufacturing to inspection and safety training, Petrolift is a one-stop for specialized lifting equipment. The lifting industry is growing in North America due to the increase in demand of domestic oil and natural gas production. After 15 years of successful business in Cairo, Petrolift recognized the opportunity to expand its manufacturing operation into the U.S. to capture this growth.
A key driver for U.S. expansion is the acquisition of a coveted “Made in USA” label for its products. In its consideration of possible American locations, the company began exploring Buffalo Niagara because of its proximity to Canada. The company saw great benefit in locating to a region that allowed easy access to two international markets.
Petrolift appreciated BNE’s experience in assisting Canadian and International companies in making direct foreign investments into the Buffalo Niagara region. Through our connections with a host of professionals experienced in international business — including attorneys, bankers, and human resources — BNE was able to aid Petrolift in establishing a $1.7 million operation in Eden with ten employees.
By Lorrie Abounader, BNE Business Development Manager