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Egypt targets $1B Turkish investment boost in 18 months

Egypt targets $1B Turkish investment boost in 18 months People crowd a street a few hours ahead of curfew in Cairo, Egypt, April 14, 2020. (AP Photo)
By Newsroom
Jul 9, 2024 11:41 AM

Egypt is setting its sights on attracting new investments from Türkiye totaling $1 billion over the next 18 months, a government official told Asharq Business.

These investments will span various sectors, including ready-made garments, home appliances, and electronics.

The official emphasized that the government is also targeting a 15% increase in the volume of trade exchange between Cairo and Ankara within two years.

This ambitious goal aims to boost trade volume to $7.2 billion from the current $6.3 billion recorded at the end of 2023.

As of the latest data from the Ministry of Trade and Industry, Turkish investments in Egypt have already exceeded $3 billion, with over 1,700 Turkish firms operating within the country.

In a related development, it was announced on June 13 that the Turkish ready-made garments firm Sirikcioglu will establish a jeans manufacturing factory in Port Said.

This new facility will cover a 100,000-square-meter area and involve an investment of $700 million.

Last Updated:  Jul 9, 2024 11:55 AM