Turkish ready-made clothes and textiles companies are planning to open new factories and stores in Egypt in the coming period,top business executives stated in a meeting with Egyptian Minister of Trade and Industry Ahmed Samir on Sunday.
During the meeting, Samir discussed 152 business opportunities for Turkish companies in Egypt, along with investment incentives that the government could offer including up to 10 years of tax breaks.
Executives at Turkish ready-made clothes company LC Waikiki announced plans to increase its stores in Egypt from 38 to 100 in the next five years.
Eroğlu, another Turkish clothes company, released plans to build a polyester and nylon textile factory in Egypt with $300 million in investments.
The company also intends to launch a project to produce polyester granules.
Samir held a meeting with executives from Hayat Egypt for Hygienic Products that announced plans to build two factories to produce paper tissues and detergents with $70 million and $35 million in investment costs, respectively.
The company announced additional plans to build a diapers factory in Egypt.
The Egyptian and Turkish economic ties have been solidifying in recent months.
Earlier in October, the head of the Commercial Representation Authority at Egypt’s trade ministry announced that the two countries agreed in principle to trade partly in local currencies, which would range between 25 to 30 percent of the total bilateral trade.
Egypt aims to increase bilateral trade with Turkiye to $15 billion over the next five years, Samir said in August.
Egypt-Turkiye trade reached $7.7 billion in 2022, an increase of 14 percent from $6.7 billion in 2021.