Industry Minister engages with Turkish companies on investment, expansion in Egypt

Daily News Egypt

05-02-2025

Egypt's Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel Al-Wazir met with representatives of nine Turkish companies operating in Egypt across textiles, ready-made garments, packaging, and home appliances to discuss investment support and expansion plans.
The meeting, chaired by Mustafa Denizli, head of the Turkish side of the Joint Business Council, focused on strengthening existing investments and exploring future opportunities in the Egyptian market.
At the outset, Al-Wazir emphasized the long-standing economic ties between Egypt and Türkiye, built on a history of constructive cooperation across various sectors. He reiterated the government's commitment to supporting serious investors in expanding their operations in Egypt.
He also announced that a task force is being established—per the Prime Minister's directive—to monitor Turkish investments and address any challenges they face. This task force will include key entities such as the Ministry of Labor to facilitate solutions and enhance Turkish exports from Egypt to global markets.
During the meeting, Turkish companies outlined challenges they encounter in the Egyptian market. Al-Wazir assured them that the Ministry of Industry is coordinating with relevant authorities to take swift action in resolving these issues as part of the government's broader strategy to develop Egypt's industrial sector and position the country as a regional manufacturing hub.
He also clarified that companies wishing to fully rely on solar energy by constructing private solar power stations within their factories can proceed immediately without requiring approval from government authorities. This aligns with Egypt's push to encourage renewable energy investments while reducing reliance on the national electricity grid.
Furthermore, the minister instructed the compilation of a list of Turkish investors who have acquired industrial land, completed payments, and begun production to expedite contract registration at the Ministry of Justice. He also called for a record of Turkish company officials and foreign workers in these businesses to accelerate the issuance of residence and work permits in coordination with the Ministry of Labor.
The Ministry of Industry remains committed to providing industrial land and pre-licensed units in various governorates to attract new Turkish investments while facilitating the expansion of existing businesses. Al-Wazir underscored that recent reforms aim to streamline industrial operations and ensure the long-term sustainability of infrastructure within industrial zones.
Additionally, he reaffirmed that export incentives will be determined based on key factors such as local component percentages, technological integration, and export volumes—aligning with Egypt's strategy to drive export-led industrial growth.
Denizli reiterated Turkish companies' commitment to expanding their investments in Egypt and highlighted growing interest from new Turkish investors looking to enter the market. He also noted that Turkish businesses in the ready-made garments sector are organizing a trade exhibition in Cairo this week to showcase their products. If successful, the event is expected to scale up in future editions.