The Chamber of Commerce and Industry in Bursa, Turkey, has announced its plans to establish an industrial zone in Egypt.
This was discussed during a meeting on Tuesday 13/2/2024 between Ahmed Samir, the Minister of Trade and Industry, and representatives from the Chamber of Commerce and Industry in Bursa, as well as the Vice President of the Federation of Turkish Chambers of Commerce and Industry.
The proposed industrial zone in Egypt aims to replicate the success of the existing industrial zone in Bursa, which specializes in various sectors including textiles, automobiles, aluminum, machinery, equipment, and advanced technologies.
Minister Samir expressed his vision for the region to become a major export hub from Egypt to key markets such as Europe, the United States of America, the Arabian Gulf, and North Africa. He highlighted the advantageous position of Egypt, which has free trade agreements with these markets, enabling Turkish products to access them quickly. The establishment of this industrial zone is expected to attract Turkish investors keen on injecting their capital into the Egyptian market.
The Minister further emphasized that the Chamber is currently evaluating available options and studying the possibilities for establishing the industrial zone. The selection of a suitable geographical area will take into account the needs and requirements of the member companies of the Chamber of Commerce. The goal is to optimize cost savings and ensure maximum benefits for the participating companies.
According to trade statistics provided by the Minister, the trade exchange between Egypt and Turkey amounted to approximately $5.875 billion in 2023. Notably, Egyptian commodity exports to Turkey experienced a significant surge, reaching $2.934 billion compared to around $2.288 billion during the same period in 2022, reflecting a 28 percent increase.
Source: www.sis.gov.eg