Turkey for the first time in 10 years announced the injection of millions of dollars into Egypt

For the first time in 10 years, the Egyptian government has announced that in the next stage it will receive a delegation that will include representatives of Turkish companies operating in Egypt or wishing to start new investments in the Egyptian market.

Representatives of Turkish companies expressed gratitude and appreciation for Egypt’s support to the victims of the Turkish earthquake, which killed and injured thousands of people, as well as Dr. Mostafa Madbouli for the warm welcome and full support given to Turkish investments in Egypt received in recent years.

They explained that the group of companies presented today plays a significant role in the Turkish market, as it includes the most famous Turkish companies.

In this context, a representative of one of the companies stated that over the past 15 years we have not found any discrimination against the Egyptian government towards Turkish companies and enterprises, and “to be honest, we did not see anything that could be called bad during our stay in the Egyptian market.

During the meeting, representatives of Turkish companies stressed the need to use Egypt’s position as a center for trade and investment on the African continent due to the benefits of preferential trade agreements that Egypt has signed with the countries of the continent, as well as the possibility of increasing exports from the Egyptian market to the Arab countries, the Middle East and many countries of the world.

A representative of one of the companies said that many Turkish companies want to transfer their business to Egypt, and for this they want to clarify some issues related to investing here, including companies that work as industrial developers. Now a comparison is being made between several sites to create on them of their new business, in the city of October 6 or Sadat City, also emphasizing that Turkish companies operating in Egypt are keen to expand the scope of their existing business.

In response, the Prime Minister confirmed that he welcomes and supports any efforts by Turkish companies to expand their business in Egypt, referring in this context to Egypt’s experience in locating industry-specific industrial complexes in Egyptian governorates and calling for any proposals to direct investment to the Minister of Trade and industry in order to promptly study and discuss these proposals and make the necessary decisions regarding them.

During the meeting, the Prime Minister heard an explanation from a representative of the Polaris Park company, which specializes in the development of industrial zones, established in Egypt since 2007, where he indicated that Polaris Park has an investment portfolio of 6 giant projects in which it was possible to attract an investment of 20. One billion pounds, with 100,000 employees. Polaris Park completed two major projects in the industrial estate on October 6 and another project in Sadat City.

An employee of Diktash, a thread and yarn company, presented the company’s investment in Egypt, where it is located in a private free zone in Sadat City, with a $45 million investment and 1,600 employees.

At the same time, the official representative of the Yashim Satish-Turkey company, which owns the Gaida Misr Textiles company, which has 4 factories in Alexandria, Cairo and Ismailia, spoke about the company’s investments, which amount to $60 million and employs 6,000 Egyptians, stressing that the company will build its fifth and sixth plants in Egypt with an investment of $100 million.

A spokesman for Hyat Holding, the owner of Hyat Egypt, a personal care products company, said the company is located in Egypt through 3 factories, with an investment of $176 million, and employs more than 1,200 Egyptians.

A CRS Denim Clothing Company official said the company is located in a private free zone in Port Said through a $15 million investment and exports to the Turkish market and employs 1,850 Egyptians.

The official representative of KCG Textile said that the company is in the free zone on the tenth day of the month of Ramadan and exports its products to the markets of the United States, the European Union, the United Arab Emirates, Russia and Turkey, and employs 1,200 workers.

A representative of the Taiba Textile garment company, which owns TMS, indicated that the company is located in the industrial area of ​​the city of Obor, with an investment of $8 million.

A spokesman for Beko Egypt, a home appliance company owned by Cook Turkey Holding Group, explained that it is investing in Egypt to establish a $100 million regional home appliance manufacturing center and aims to export 60% of its products. to Europe, the Middle East and Africa under the “Made in Egypt” logo. In addition, the company plans to export $250 million per year and has 2,000 employees.

The meeting was also attended by a representative of Dutex Textile Turkey, which owns Port Said Free Zone-based GNT Textile with an investment of around US$2.5 million and employs 900 Egyptians. As well as the representative of “Taha Group” – Alfan Textile “Lcwikiki” company, which owns 3 factories in Alexandria and Cairo, with a paid-in capital of more than 80 million dollars.

An official from Igaglo Holding Company, which owns Igaglo Egypt for ready-to-wear clothing, said the company has a $75 million investment in Ismailia, employs 3,500 Egyptians, and exports to the US, UK, European Union and Far Eastern countries. The company also owns another $75 million investment in a free zone in Damietta.

An official from one of the polyester yarn companies explained that the company plans to relocate one of its factories to Egypt and has applied for the necessary land, and it is planned to export $120 million worth of it.

During all the speeches, representatives of Turkish companies spoke about their plans to expand their business in Egypt, which amounts to about $ 500 million in new investments, highlighting the attractiveness of the Egyptian investment market.

At the end of the meeting, the Prime Minister confirmed that the demands of Turkish companies would be heard and he would personally follow up on the matter with Minister of Trade and Industry and Engineer Randa Al-Minshawi, First Assistant to the Prime Minister, who is in charge of the Permanent Investor Problem Solving Unit.

Source: RT

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