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IDA
Chairman, chairman of the Industrial Development Authority (IDA) in lieu of Ministry of Trade and Industry, attended the Egyptian Turkish Business Council (ETBC) at Grand Hyatt Hotel in 15-11-2008.
IDA Chairman stressed on the strong relationship between Egypt and Turkey on both economical and political levels, in addition to the new mutual cooperation between both countries. The council was attended by the Turkish Ambassador to Egypt, Safak Gokturk, and Zamal Hanz Field, the Turkish representative in the ETBC.
IDA Chairman pointed out that the mutual Egyptian - Turkish visits have a great impact in strengthening the economic commercial relationships. The trade volume between Egypt and Turkey reached $6.1 billion at the end of 2007 while the Turkish investments in Egypt hit $ 5.1 billion in the same period of 2007.
The Turkish investors presented their complaints about customs and the draw back system especially in the textile industries and sales tax in the free zones. They also complained about the long time taken to get adjudications.
IDA Chairman replied that a request will be send to the Finance Minister's counselor, Galal Abou Al Foutoh, to solve any customs problem indicating that the new economic court will end all the companies' lawsuits in a short time.
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