Turkish Ambassador in Cairo, Mr. Salih Mutlu Şen, Major General Akram Galal, Governor of Ismailia, and Mr. Walid Gamal El-Din, Head of the Suez Canal Economic Zone, Mr. Nour El-Din Eroglu, owner of Eroglu Global Holding Company, took part in the ceremony of laying the foundation stone for a new factory of Eroglu Global Holding Company in Ismailia Governorate.
The Turkish ambassador said in his speech on the sidelines of the ceremony, that the new project will be built on a closed area of 45,000 square meters on a land area of 65,000 square meters, adding that the factory will be equipped with the latest technologies and will include a recycled water treatment system and environmentally friendly energy facilities, it is scheduled to be operated in the next December.
Ambassador Salih Mutlu Şen said that Egypt and Turkey are stronger together, explaining that this project, which has an investment cost of $40 million, will provide job opportunities for 3,000 Egyptian brothers. The project will also have an export capacity of $100 million, as it will be allocated to producing jeans for the most famous international brands with an expected annual production capacity of 7 million pairs of jeans.
He pointed out that the Turkish investments in Egypt are continuing to develop and grow, explaining that Eroglu Global Holding Company, which owns the new project, has another factory in the city of Damietta that was established in 2010 with investments of $120 million and currently employs 1,600 Egyptian citizens.
The ambassador added that Eroglu Global Holding Company will invest a total of $100 million in the companies EROGLU GARMENT and DNM, as of today until the end of 2025, and will reach an export capacity of $280 million from Egypt.
He thanked the company's owner, Mr. Nuruddin Eroğlu, and the company's managers for this long-term investment that contributes to the economy of the two brotherly countries, pointing out that the horizon of economic cooperation between Egypt and Turkey is very significant.
The ambassador stated that this investment and the investments scheduled to be implemented in the short, medium and long terms are part of the growth and development strategy pursued by Turkey with Egypt as complementary economies, indicating that President Sisi’s expected visit to Turkey and the agreements that will be signed within the framework of the Gulf Cooperation Council High-level strategic cooperation will enhance economic cooperation.
He said that the economic and technical agreements scheduled to be signed were reviewed during the meetings between Turkish Foreign Minister Hakan Fidan and Egyptian Foreign Minister Badr Abdel Aty.
Follow the latest news on Google News
