According to a government official sharing information with Saudi-based Asharq News, Egypt is looking to attract new Turkish investments worth $1 billion within 18 months, including for various sectors such as ready-made garments, home appliances, and electronics.
In addition to increasing Turkish capital, Cairo is also seeking to increase trade relations with Ankara by 15 percent in the current year and next year to reach $7.2 billion, up from $6.3 billion by the end of 2023, a senior Egyptian official told Al-Arab.
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.
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. With Turkish investments, Egypt may exit the crisis that has been observed in its industrial sector for the past two years due to high production costs and the scarcity of dollars, factors that threatened to close a large number of factories operating in strategic sectors.
According to news reports, the country is looking to increase the value of industrial investments by about 10 percent this year to $3.6 billion, focusing mainly on the medical, agricultural manufacturing, petrochemical, food and beverages, and construction materials sectors.