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 1. Atalayar
 2. Politics


EGYPT SEEKS TO INCREASE TURKISH INVESTMENT

Improved diplomatic relations between Turkey and Egypt have a positive effect on
trade and economy


A SAHARAWI-SAHARAWI SYMPOSIUM


HAMAS PROPOSES AN INDEPENDENT PALESTINIAN GOVERNMENT AFTER THE END OF THE WAR
AGAINST ISRAEL IN GAZA


ZELENSKY CALLS ON NATO TO LIFT RESTRICTIONS ON ATTACKS ON RUSSIA

Turkey's President Tayyip Erdogan and Egypt's President Abdel Fattah al-Sisi
attend a signing ceremony in Cairo, Egypt February 14, 2024 - PHOTO/MURAT
CETINMUHURDAR/PRESIDENTIAL PRESS OFFICE via REUTERS

Margarita Arredondas

12/07/24 Updated: 12/07/24
Next
Tags:
Egypt Turkey

Egypt aims to attract $1 billion worth of Turkish capital by 2026 in various
sectors, including garments, household appliances and electricity. 



Currently, the total volume of Turkish investment in the Egyptian market exceeds
$3 billion through 1,700 companies, according to the latest data published by
the Egyptian Ministry of Industry and Trade. 

In addition to increasing Turkish capital, Cairo is also seeking to increase
trade relations with Ankara by 15% in the current and next year to reach 7.2
billion dollars, up from 6.3 billion dollars by the end of 2023, a senior
Egyptian official tells Al-Arab.  


An employee counts Egyptian pounds at an exchange bureau in central Cairo -
REUTERS/MOHAMED ABD EL GHANNY 

The most important sectors of trade between the two countries are fertilisers,
electrical cables, textiles, ready-made garments, reinforcing steel,
automobiles, soybean oil, yellow corn, fodder and household appliances. 

Regarding the textile industry, last month Turkish clothing company Çırıkçıoğlu
obtained approval to establish a jeans factory in Egypt's Port Said governorate
with an area of 100,000 square metres and valued at $700 million. 



Since the outbreak of the war in Ukraine, Turkish companies, which are Europe's
third largest supplier, have faced rising production costs as the companies risk
falling even further behind their Asian rivals.  

Farm of the Egyptian company EGYMAG Biotechnology, which aims to develop an
indoor breeding system, a vertical production solution for insect proteins with
less use of land, water and energy and the transformation of organic waste into
unique organic proteins and fertilizers . , in Al Qalyubia, Egypt -
REUTERS/HADEER MAHMOUD

For this reason, Ankara decided last November to raise customs tariffs by 30 to
100% on hundreds of imported textile products in order to support local textile
manufacturers. 

The efforts to improve investment and trade come after Turkish President Recep
Tayyip Erdogan visited Cairo for the first time in more than 11 years last
February at the invitation of Egyptian President Abdel Fattah El-Sisi. This
meeting cemented the rapprochement between the two countries after years of
tensions related to Ankara's ties with the Muslim Brotherhood, an Islamist
organisation considered terrorist by Cairo. 

Turkish investment may help Egypt out of the crisis that has engulfed the
industrial sector for the past two years due to high production costs and the
scarcity of the dollar, factors that threatened to close a large number of
factories operating in strategic sectors. 

Turkey's President Tayyip Erdogan and Egypt's President Abdel Fattah al-Sisi
attend a news conference in Cairo, Egypt February 14, 2024 - PHOTO/MURAT
CETINMUHURDAR/PRESIDENTIAL PRESS OFFICE via REUTERS

The war in Ukraine caused major investments to flee the local market and
affected supplies from abroad, leading Cairo to reduce the value of the pound in
the face of unprecedented inflationary pressures.  

This created a state of paralysis in most economic sectors, driving the country
into a financial crisis and forcing it to boost trade with other nations in
order to overcome the current difficult circumstances.  

This is why the rapprochement and restoration of diplomatic relations between
Turkey and Egypt is an important step forward for Egyptian trade and economy.
This new phase in the two countries' bilateral relations began to bear fruit
last year, when Turkish companies pledged to invest 500 million dollars in
Egypt, adding to current investments of more than 2 billion dollars. 

ATMs on the main shopping and pedestrian street of Istiklal, central Istanbul -
REUTERS/MURAD SEZER

Egypt is looking to increase the value of industrial investments by about 10%
this year to 3.6 billion dollars, focusing mainly on the medical, agricultural
manufacturing, petrochemicals, food and beverages, and construction materials
sectors. 

Many Turkish companies want to transfer their businesses to Egypt, while those
already operating in the Egyptian market are also looking to expand their
existing businesses due to the opportunities offered by the Arab country as a
gateway to the African continent. 

The head of Turkey's Foreign Economic Relations Council (DEIK) confirmed last
February that Turkish investments in Egypt provide 70,000 direct and 100,000
indirect employment opportunities, achieving a total annual return of 1.5
billion dollars. 

 * Egypt and Turkey bring closer together on first high-level trip since
   severing diplomatic relations
 * Egypt and Turkey maintain economic ties despite political differences

Turkish entrepreneurs working with Egypt manage one third of the country's total
textile and garment exports. They are also gradually increasing as a result of
investments in the sector and in other sectors such as tourism, logistics and
retail.  

The volume of exchanges started to increase since 2007 thanks to the signing of
the free trade agreement, currently reaching 10 billion dollars, Mustafa
Denizer, president of the Turkish-Egyptian Business Council, said during an
interview with the Turkish news agency Anadolu que. Denizer also stressed "the
importance of trade relations between the two countries", expressing his desire
for the trade volume to reach between 15 and 20 billion dollars in the next five
years.  

Turkish products are popular in the Egyptian market due to their high quality
and brand recognition at a time when both the Egyptian pound and the Turkish
lira are facing a sharp fall in their values. This has led to a rise in
inflation in both countries, which has had a negative impact on the prices of
many goods and services. 

Next
Tags:
Egypt Turkey


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