ICEC

Egypt, Turkey partner to establish an industrial city with 3 bln pounds investments

The Turkish & Egyptian Businessmen Association (TUMIAD) is set to implement the first integrated industrial city specialized in producing machinery and equipment in Egypt.

The new industrial city is spanning over one million metre square with initial investments of 3 billion Egyptian Pounds ($170 million).

The announcement was made during the economic Turkish-Egyptian business forum which is held in Konya and Istanbul between the 26th of  November and  the 1st of  December, entitled “Let’s Create Together” with the participation of 92 Egyptian and Turkish businessmen.

Moreover, Mohamed Al Abbasy, the association member of the board of directors said that the industrial city is expected to include 1300 plants on an area of 500 metres for each, in addition to a technical training center and a patent office, pointing out that the ultimate goal of establishing such city is supplying the local factories with its needs of machinery and equipment, encourage small and medium enterprises and create job opportunities.

On the other hand, Hamada Al Agwany another association Member of the Board of Directors said that the new city will be established through a new Egyptian-Turkish company called “ Let’s Create Together for industrial and engineering development”, confirming that the company establishment procedures is being discussed with the Egyptian government in order to assign a plot of land for the project.

The Forum is in the presence of representatives from the ministries of industry and investment, as well as representatives from the Federation of Egyptian Industries (FEI) and the Federation of Egyptian Chambers.

The forum is expected to discuss ways in which Egyptian Turkish economic relations can be enhanced to strengthen cooperation in all economic fields: industry, commerce, and investment, import and export wise.

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