Global Arab Network | Egypt, Turkey boosting economic relations & investment opportunities

Translate this article to your language:

GANPublications

e-Publications

Add Site to Favorites

Add Page to Favorites

Make Homepage

Share This Page

RSS Feed

--------------------------------------------------------------------------------------------------------------------
| |

Egypt, Turkey boosting economic relations & investment opportunities

Global Arab Network - - Gamal Ragay

Saturday, 01 May 2010 20:44

egypt_QIZ_or_Qualifying_Industrial_Zones

Egyptian Investment Minister Mahmoud Moheiddin discussed with Turkish Ambassador in Cairo Huseyin Botsali means of boosting economic relations.

The meeting took up the investment and trade exchange between the two countries, which witnessed a remarkable progress in the past five years.

The Egyptian Investment Ministry is very keen to foster economic ties with Turkey, Mohieddin said.

Mohieddin added that the number of firms established with Turkish contribution reached 311, 88 percent of which were established during the past five years.

For his part, Botsali expressed keenness on promoting cooperation in all domains, especially infrastructure, energy, maritime transport and industry.

Many Turkish companies have investment plans in the Egyptian QIZs (QIZ or Qualifying Industrial Zones is a preferential trade protocol allowing Egyptian products customs-free access to US markets) due to preferential trade agreements with both the US and Europe and to low labour cost.

The so-called minute cost in Egyptian garment factories is just 50% of that in Turkey.

A recent report about Turkish activities in Egypt revealed that following companies are currently operating in Egypt: Gulteks Egypt (10th of Ramadan, since 2005), Sahinler Holding (Alexandria, since 2006), Hilteks (Nasr City free zone since 2006, elastics only), Fashion Point (10th of Ramadan, since 2006), Roteks-Albour (since 2006).

Hilteks is said to plan expansion of its Egyptian operations.

Around 75 other Turkish companies are reportedly studying the Egyptian market and doing feasibility studies.

Global Arab Network

< Prev		Next >

Add comment

The opinions of the authors in articles published are theirs alone and do not necessarily reflect the views of Global Arab Network
------------------------------------------------------------------------------
Published comments are the opinions of private individuals and do not reflect the views of Global Arab Network