Turkish, Egyptian businessmen in talks to establish 50 factories in Egypt: TUMIAD

The Turkish and Egyptian Businessmen Association (TUMIAD) is currently in talks to establish 50 plants in cooperation with Turkish businessmen, board member Hamada Al Agwany said.

TUMAID has lately signed a memorandum of understanding to implement 40 plants in association with the Turkish businessmen.

Al Agwany made his remarks during his tour in two machines factories located in Bursa, in Turkey, in the presence of Atilla Ataseven, the chairperson of TUMIAD.

The Egyptian official further said he had met with more than 18 Turkish businessmen to discuss the possibility of their participation in the new industrial city that would be built in the 10th of Ramdan City.

A number of machine manufacturers has expressed their readiness to open factories in Egypt and pump investments of $6 million in the new industrial city, he added.

TUMIAD is set to implement the first integrated industrial city specialised in producing machinery and equipment in Egypt, spanning over one million metre squares with initial investments of 3 billion Egyptian pounds ($170 million).

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

Al Agwany  revealed that there would be a meeting with  the head of Industrial Development Authority, Ahmed Abdel Razek next Wednesday to attain the one million metre squares land to establish the anticipated industrial city.