ICEC

Egypt, turkey sign investment partnerships worth 51 billion pounds: TUMAID

The Turkish & Egyptian Businessmen Association (TUMIAD) announced that the Turkish-Egyptian business forum ,entitled “Let’s Create Together”, has succeeded in attracting Turkish investments of 51 billion Egyptian Pounds ($28.8 billion)into Egypt.

During the forum, a number of Egyptian-Turkish partnerships have been signed in different fields namely engineering, food processing, agricultural machinery and auto spare  parts sanitary napkins and water meters, household tools, construction engineering, and export deals.

Atilla Ataseven, the chairperson of TUMIAD, said that an Egyptian company and another Turkish one have signed the first  memorandum of understanding to establish 40 plants with investments worth $15 billion  in the new industrial city.

On the other hand, Sherif  Al Barbary member of the board of directors unveiled another agreement with the Turkish side to establish 4 plants with investments worth $6 billion in the  fields of diapers and manufacturing  of concrete mixers,   and “PVC”  production machinery.

He also expected that the volume of trade exchange is expected to increase by 30 % during the cuurent year, referring to the growth in exports rate  especially on the Egyptian side whichhave increased by 44% during the first quarter .

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