Egypt aims to attract $1bln Turkish investments within 18 months

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Egypt is looking forward to attracting new investments totaling $1 billion from Türkiye within the coming 18 months, a government official told Asharq Business.

These investments will cover various sectors, topped by ready-made garments, home appliances, and electronics, the official highlighted.

The government is targeting increasing the volume of trade exchange between Cairo and Ankara by 15% within two years to reach $7.2 billion from $6.3 billion in end-2023, he added.

It is worth noting that the total Turkish investments in Egypt have exceeded $3 billion via 1,700 firms operating in Egypt, according to the latest data by the Ministry of Trade and Industry.

On June 13th, it was announced that the Turkish ready-made garments firm Sirikcioglu would establish a jeans manufacturing factory on a 100,000-square-meter area in Port Said, with investments of $700 million.

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