A new Turkish factory was inaugurated in the Tenth of Ramadan City, east of Cairo, on Wednesday with investments totaling $110 million.
The factory is set to produce 1.5 million home appliances annually, with 60 percent of its output destined for exports.
The CNN Arabic website reported on Wednesday that the chairman of the Egyptian-Turkish Business Council confirmed that new investments in the industrial and contracting sectors are expected in the near future.
During the Egyptian president’s visit to Ankara, both countries agreed to increase bilateral trade to $15 billion by strengthening economic and trade relations, exploiting available opportunities.
The two leaders signed 17 memorandum of understanding in various fields, including industrial investment, higher education, railways, communications, agriculture, healthcare, development of small and medium enterprises, as well as new and renewable energy and environmental protection.
Egypt has attracted three global giants, namely the Chinese company Haier, the Turkish company Beko, the second largest in the world, and Bosch, whose factory is scheduled to open soon, according to statements by Prime Minister Mostafa Madbouly.
The head of the Egyptian side of the Egyptian-Turkish Business Council, Adel al-Lemie, said that there is a massive influx of Turkish investments into Egypt recently, following the improvement of political and economic relations between the two countries after both leaders exchanged visits this year.
Turkish investments to continue growing
Calling 2024 the year of Turkish investments in Egypt, he added that he expects this momentum to continue until next year.
The trade volume between Egypt and Turkey reached three billion dollars during the first half of 2024, according to official data.
There are currently 1,700 Turkish companies operating in Egypt with investments exceeding three billion dollars, including 200 factories in the textile, clothing, and chemical industries, according to a statement issued by the Egyptian-Turkish Business Council.
In an exclusive statement to CNN Arabic, al-Lemie said he anticipates the Suez Canal Economic Zone, East and West Port Said, and Sadat City to witness huge inflows of Turkish investments in the coming months, especially in light of the improvement of the investment climate in Egypt, the stabilization of the exchange rate, and the increase in foreign currency inflows.
He identified the most prominent sectors that Turkish investors are interested in, including clothing, textiles, chemicals, and contracting.
Al-Lemie stated that a delegation of Egyptian businessmen will visit Turkey during the last quarter of this year to discuss attracting Turkish investments and increasing the volume of trade.
He added that the Egyptian market has many competitive advantages, including free trade agreements with many Arab, European, and US markets, and low production costs due to low energy and wage prices.
These advantages contribute towards attracting Turkish investments to Egypt in the coming period.
