Minister announced Investment And foreign trade Egyptian Hassan Al-Khatib said that a Turkish company expressed its intention to invest $160 million to establish a ready-made clothing factory in 10th of Ramadan City.
Another company is also considering establishing a furniture factory in the Damietta Free Zone, with investments estimated at about $200 million, according to the Egyptian Minister.
During his current visit to TürkiyeThe Egyptian Minister of Investment and Foreign Trade met with a number of officials, businessmen, business association officials, and companies working in the fields of automobiles, food, renewable energy, and the retail sector.
Show related news
During the meetings, Al-Khatib presented the components and investment opportunities available in Egypt.
The Minister also held a meeting with one of the leading Turkish companies in the retail sector, where the company announced its plans to expand in the Egyptian market, aiming to increase the number of its branches from 400 to 1,000 branches during the next two years.
Al-Khatib also met with representatives of the Automotive Manufacturers Union and the Turkish Feeding Industries Federation, where he reviewed the promising investment opportunities in the automotive industry sector in Egypt, amid expectations of remarkable growth in this market during the coming period.
The Minister sent an invitation to the Union of Automotive and Automotive Components Manufacturers and the Turkish Contractors Union to visit Egypt, and it was agreed to organize this visit during the first quarter of next year.
In another meeting with one of the largest Turkish companies, Al-Khatib revealed that the company is seriously considering investing in the new and renewable energy sector in Egypt. It was agreed to arrange a visit for a delegation from the company to Egypt soon to explore the investment opportunities and components available in the Egyptian market.
Show related news
It is noteworthy that Egypt concluded 17 agreements with Türkiye to enhance bilateral cooperation, in a step that indicates the opening of a new page in relations between the two countries after years of tension.
The agreements included various fields, such as industry, trade, defense, health, environment, and energy, and came on the sidelines of the visit of the head of the Egyptian regime, Abdel Fattah Sisi To Ankara and his meeting with Turkish President Recep Tayyip Erdogan, on his first official visit to Türkiye since assuming the presidency of Egypt.
The two presidents reiterated their desire to increase the volume of trade exchange between the two countries to reach $15 billion annually during the next five years, as it currently amounts to less than $10 billion.
