21 April, 2024
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Enormous new Turkish investments enter Egypt’s ready-made garment sector

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The Vice President of the Ready-Made Garments Division at the Egyptian Chambers of Commerce, Khaled Suleiman, revealed the entry of new Turkish investments into the ready-made garment sector.

He explained that 10 Turkish investors in the spinning, weaving and clothing sector opted to enter the Egyptian market due to its strong capabilities.

Suleiman added that this year will witness the entry of more investments in the spinning, weaving and ready-made garment sectors amid the availability of labor at a lower cost than competing markets, in addition to the availability of industrial land across the nation at prices that suit the investment cost of foreign investors.

The Vice President of the Ready-Made Garments Division at the Chambers of Commerce explained that the Egyptian market is bound by a large number of trade agreements that make foreign investors open to global markets and import their products with lower customs duties, especially for Arab and US markets.

The Chairman of the Turkish-Egyptian Business Council at the Turkish Foreign Economic Relations Board, Mustafa Denizir, previously announced that the volume of Turkish investments in Egypt amounted to about three billion dollars.

Denizir told Anadolu Agency that Turkish investments in Egypt provide 70,000 direct jobs and about 100,000 indirect jobs, with a total annual return of $1.5 billion.

He said that the volume of trade between the two countries began to rise with the free trade agreement signed with Egypt in 2007, to now reach $10 billion.

According to Denizir, the volume of trade between the two countries could reach from 15-20 billion dollars in the next five years.

The post Enormous new Turkish investments enter Egypt’s ready-made garment sector appeared first on Egypt Independent.

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