Ashraf AboArafe
* Turkish investments in Egypt have reached nearly $3.5 billion.
* Turkish companies in Egypt provide job opportunities for 100,000 people.
The Turkish Embassy in Cairo held its annual consultative meeting with Turkish companies that have investments in Egypt or have started or are planning to invest in Egypt on November 28 at the embassy headquarters. The consultative meeting was attended by company owners and senior executives representing about 50 Turkish companies.
In his speech at the meeting, Ambassador Salih Mutlu Şen pointed out that the most important link between Turkey and Egypt, which is the backbone of relations, is trade and economic cooperation. He pointed out that Turkey remains the most important leading partner in Egypt’s foreign trade. In addition, he stressed that mutual investments have become increasingly prominent in these relations.
Ambassador Shen pointed out that the visit of the President of the Republic of Turkey, Mr. Recep Tayyip Erdoğan, to Cairo on February 14 and the visit of the Egyptian President, Abdel Fattah el-Sisi, to Ankara on September 4 created a consensus on encouraging and supporting mutual investments.
Ambassador Shen stated that President Recep Tayyip Erdoğan welcomed the investments of Turkish companies in Egypt. In this context, Ambassador Shen stated that Turkish companies have started to show more intense interest in investing in Egypt since 2023, benefiting from the positive developments witnessed in the relations between Turkey and Egypt in the past year.
In this context, he stated that more than 100 Turkish companies have applied to the Commercial Attaché Office of the Embassy during the past year to obtain information about the investment environment in Egypt. He stated that some of these 100 companies have established their companies in Egypt and some have started investing in Egypt.
He pointed out that during the past year there were many individual and group trade delegations and trade visits to Egypt, and that many investors had come to the embassy and received advice at the highest levels.
He pointed out that in the past period, Ambassador Salih Mutlu Şen, with the participation of trade advisors, held a comprehensive meeting with the Association of Independent Industrialists and Businessmen to evaluate the trade and investment environment in Egypt. Ambassador Salih Mutlu Şen added that the development moves, especially the infrastructure investments initiated by President Sisi within the framework of Vision 2030, have yielded results, and Egypt has achieved great progress in terms of transportation infrastructure.
Ambassador Şen continued by saying that Egypt offers a great opportunity in terms of ports and infrastructure, especially for Turkish companies operating in the field of export. He also pointed out that the train infrastructure in Egypt is being rapidly updated and modernized, and new lines are being established, including high-speed trains. In addition to the low energy costs in Egypt and the skilled labor force for Turkish investments.
He stated that Egypt still offers great advantages and attractiveness to Turkish investors with its free trade network with Europe, America, Arab and African countries. In this context, he pointed out that Turkish companies are accelerating the pace of expanding their current investments in existing investing companies.
During the past three months, two separate Turkish companies announced the construction of two new factories in the Suez Canal Economic Zone, to be completed within a year at the latest. He said that the total value of these two investments exceeds $100 million and will provide job opportunities for approximately 10,000 people.
Ambassador Shen also stated that most of the current investors are in the process of expanding their businesses. Explaining that the Egyptian authorities continue to improve the investment environment, whether through economic regulations, economic reforms, or institutional reforms.
He said that in the coming period in particular, with the contributions of Turkish companies, significant improvements and opportunities will emerge in the sub-infrastructure of industrial zones in Egypt.
He stressed that the embassy is committed to supporting Turkish investors in Egypt in order to expand, grow, and make new investments in Egypt based on a win-win approach and in order to maintain their competitive position in the world. He stated that the embassy continues to welcome and support their investments in order to enter the markets.
In this context, Ambassador Shen stressed the need for Turkish companies and investors to attach importance to consultation and coordination with the embassy.
Ambassador Shen also thanked the governors, central authorities, and ministries for opening their doors to Turkish investors and companies and meeting with them at the highest level or supporting them.
During the meeting, Turkish investors provided information about their activities in Egypt and their new plans. They also expressed their appreciation for the contacts made by the embassy with the Egyptian authorities to solve the problems they faced in some cases and the interest shown by the Egyptian authorities in solving their problems.
The representatives of the companies stated that their companies will continue to work mainly on exports and that expansion and growth plans in Egypt will continue in light of the advantages enjoyed by Egypt and the advantages enjoyed by Egypt in terms of cost, strategic and logistical advantages, and they expressed their confidence in the future of Egypt. And they did so.
The legal advisor of the embassy, Egyptian lawyer Mohamed Nasser, answered the investors’ questions on various legal and administrative issues and expressed their readiness to support them at all times.
In his closing speech, Ambassador Shen stated that a business forum will be organized in Egypt in the future. He pointed out that this forum will contribute to accelerating trade and economic cooperation between the two countries once again at the leaders’ level.
He also pointed out that there are many international meetings and contacts of a commercial and economic nature on the agenda in December.
The meeting was attended by Osman Arıkan, the Egyptian representative of the Turkish World Business Council, and officials from the Turkish-Egyptian Business Council and the Turkish-Egyptian Businessmen Association.
The meeting was also attended by the head of the Egyptian side of the Turkish-Egyptian Council, Mr. Adel El-Lamei, who is also the honorary consul in Port Said.
The General Manager of Polaris also made statements during the meeting, explaining that in addition to the three current free industrial zones, there will be some additional projects and that we are working on establishing free zones.
He added that the company wants to develop an export-oriented growth model for the Egyptian economy, with their approach as a private sector inspired by Turkey’s experiences. He also stated that the industrial zones they have established provide infrastructure opportunities for Turkish investors and investors from all over the world, and that these are the goals for which I am presenting infrastructure opportunities.
Mr. Hassan, the representative of the Turkish company Sharbatı, said that as a company they will expand the new capacity and open new factories very soon, and he also mentioned that they want to support factories in the field of construction with prefabricated buildings.
Ambassador Salih Mutlu Şen pointed out that President Sisi stated that trade and economic cooperation is the backbone of relations between Turkey and Egypt, and that an example has been tried that shows the importance of this business for both Turkey and Egypt recently.
The ambassador pointed out that five businessmen from Turkey attended the meeting held by Mr. Abdel Fattah El-Sisi with 22 businessmen from all over the world yesterday.
He stated that this shows the importance that Egypt attaches to economic cooperation with Turkey, especially with Mr. President.
Among the companies that participated in the meeting from Turkey are the Chairman of Jade Tekstil, the General Manager in Egypt of Beko, Mr. Emre Erciyes, the Chairman of Erciyes, Bardo Porcelain, and the owner of Sharbatı.
Thus, five Turkish businessmen participated in the meeting to which 22 business owners were invited.
This shows the strength of economic and trade business between the two countries.
On the other hand, Ambassador Salih Mutlu Şen, in response to a question from journalists, confirmed that the trade volume between Turkey and Egypt will reach $15 billion in five years, adding that this goal is realistic.
He also stated that he personally sees that this figure can be increased to $20 billion in ten years.
In response to the question, he stated that DeFacto, BIM, Colins and LC Waikiki companies are still operating as a commercial chain in Egypt, and that they offer Turkish products with Turkish quality and Turkish service quality. He also stated that Turkish brands such as İPEKYOL, Penti, Karaca and Zen are present and have entered the market, and they are world-famous in the field of culinary arts. He stated that in addition to the prestigious Burak store in Egypt, the CZN Burak restaurant, as well as the industrial restaurant, have moved to Fatih and Turkish brands will continue to enter the market.
He also pointed out that there is investment from Egypt in Turkey, taking into account the social and cultural harmony and rapprochement between the two countries. He stated that one of the companies is currently operating in the metal packaging sector, and stated that the Egyptian company is continuing to operate, and another large company said that the Egyptian group has completed its investment, and he did not provide detailed information about this company, but he stated that it is a large investment.
He also stated that he believes that in the coming period, the main tourism entrepreneurs in Egypt will expand in Turkey if they find an opportunity there.
On the other hand, Ambassador Salih Mutlu Şen, in response to a question from journalists, confirmed that the trade volume between Turkey and Egypt will reach $ 15 billion within five years, adding that this goal is realistic.
He also expressed his personal opinion that this figure can be increased to $ 20 billion within ten years.
In response to the question, he stated that DeFacto BIM Colins and LC Waikiki companies are still operating as a commercial chain in Egypt, and that they provide Turkish products with Turkish quality and Turkish service quality. He also mentioned that Turkish brands such as İPEKYOL Penti Karaca and Zen are present and have entered the market, and they are world-famous in the field of culinary arts, and he mentioned that in addition to the prestigious Burak store in Egypt, the CZN Burak restaurant, as well as the industrial restaurant, have moved to Fatih and Turkish brands will continue. To enter the market.
He also pointed out that there is an investment from Egypt in Turkey, taking into account the social and cultural harmony and rapprochement between the two countries. He mentioned that one of the companies is currently operating in the metal packaging sector, and he mentioned that the Egyptian company is continuing to operate, and another large company said that the Egyptian group has completed its investment, and he did not provide detailed information about this company, but he mentioned that it is a large investment.
He also mentioned that he believes that in the coming period, the main tourism entrepreneurs in Egypt will expand in Turkey if they find an opportunity there.
