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Egypt’s Minister of Trade and Industry,
held an official meeting with the Turkey’s Minister of Trade
and Industry, Nihat Ergun, during the latter’s visit to
Cairo at the head of a large delegation of Turkish
businessmen for a Turkish Egyptian business forum and
bilateral business meetings. The business forum is organized
by the Egyptian Junior Business Association and the Turkish
business organization Tuskon on 19/1/2010, & attended by The
Industrial Development Authority (IDA) , Chairman of Tuskon, Chairman of the Egyptian Junior Business Association & the Turkish ambassador to Egypt
The official talks tackled with the ways of developing & enhancing the common trade & economic relations between the two countries within the next phase.
It is worth mentioning that 295 Turkish companies operate successfully in Egypt in which 50,000 Egyptian are employed. In addition, an automotive manufacturing company exported tourist buses – that contain 45% of the Egyptian local component - to a number of Arab, African & European countries. Moreover, the Turkish investment has a great role in transferring the Turkish technology in a large variety of sectors including textiles and ready-made garments sector.
On his part, Turkey’s Minister of Trade and Industry pointed out that Turkey seeks to achieve more trade & economic cooperation with Arab & African countries through Egypt. In addition, he invited the businessmen in Egypt to take advantage of the Turkish experience in training the Egyptian labor in the fields of textiles and ready-made garments, automotives & building materials.
On the other hand, IDA Chairman, has given a presentation on the Turkish investments which have multiplied by 20 times in the last 3 years.
IDA Chairman stated that L.E 1,425 billion was provided to support developing the industrial zones & export markets, besides setting standards to enhance the local market. In addition, IDA Chairman stated that IDA contracted with 12 companies to establish their projects on an area of 15,5 million m2 with investment costs of € 5,5 billion.
These companies include Polaris Turkish Co., which is considered one of the success stories of Turkish investment in Egypt, where it established an industrial zone at 6th of October City on an area of 2 million m2 & investment costs of $4 billion.
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