International Courant
A brand new Turkish manufacturing unit, with a complete funding of $110 million, opened on Wednesday within the tenth metropolis of Ramadan, east of Cairo.
The manufacturing unit is predicted to provide 1.5 million family home equipment yearly, 60 % of which shall be for export.
The Arabic web site CNN reported on Wednesday that the chairman of the Egyptian-Turkish Enterprise Council confirmed that new investments within the industrial and contracting sectors are anticipated within the close to future.
Throughout the Egyptian President’s go to to Ankara, each nations agreed to extend bilateral commerce to $15 billion by strengthening financial and commerce ties and benefiting from out there alternatives.
The 2 leaders signed 17 memoranda of understanding in varied fields, together with industrial funding, larger training, railways, communications, agriculture, well being care, small and medium-sized enterprise growth, in addition to new and renewable power and environmental safety.
In accordance with statements by Prime Minister Mostafa Madbouly, Egypt has attracted three world giants: the Chinese language firm Haier, the Turkish firm Beko, the second largest on this planet, and Bosch, whose manufacturing unit will open quickly.
The top of the Egyptian facet of the Egyptian-Turkish Enterprise CouncilAdel al-Lemie stated there was an enormous inflow of Turkish investments in Egypt just lately, following the advance in political and financial relations between the 2 nations after each leaders visited one another this yr.
Turkish investments proceed to develop
He referred to as 2024 the yr of Turkish investments in Egypt, including that he expects this momentum to proceed into subsequent yr.
In accordance with official knowledge, the commerce quantity between Egypt and Turkey within the first half of 2024 amounted to 3 billion {dollars}.
In accordance with an announcement by the Egyptian-Turkish Enterprise Council, there are at the moment 1,700 Turkish firms working in Egypt with investments of greater than three billion {dollars}, together with 200 factories within the textile, clothes and chemical industries.
In an unique assertion to CNN Arabic, al-Lemie stated he expects the Suez Canal Financial Zone, East and West Port Stated and Sadat Metropolis to witness an enormous inflow of Turkish investments within the coming months, particularly in mild of the advance of the funding local weather in Egypt, the stabilization of the change charge and the rise in international foreign money inflows.
He recognized the primary sectors that Turkish buyers are all in favour of, together with attire, textiles, chemical compounds and contracting.
Al-Lemie said {that a} delegation of Egyptian businessmen will go to Turkey within the final quarter of this yr to debate attracting Turkish investments and growing commerce volumes.
He added that the Egyptian market presents many aggressive benefits, together with free commerce agreements with many Arab, European and American markets, and low manufacturing prices as a result of low power and labor costs.
These advantages will contribute to attracting Turkish investments to Egypt within the coming interval.
Turkish manufacturing unit opens in Egypt with $110 million funding
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