Bonysocks, a leading Turkish company in the socks industry, has announced a strategic investment of $50 million in Egypt, primarily targeting export markets. The announcement came during a meeting held at the Turkish Embassy in Cairo, attended by the Turkish Ambassador to Egypt, Salih Mutlu Şen, and Bonysocks representatives.
Why Egypt?
Bonysocks cited several reasons for choosing Egypt as the location for their investment, including:
Strategic Location: Egypt’s proximity to major markets and trade routes.
Infrastructure: Well-developed ports, road networks, and industrial zones.
Qualified Workforce: Availability of skilled labor.
Trade Agreements: Egypt's free trade agreements with the U.S., Europe, and Turkey, along with the Qualifying Industrial Zones (QIZ) program, which facilitates duty-free exports to the U.S.
Strengthening Egyptian-Turkish Relations
Ambassador Şen highlighted the rapid development in relations between Turkey and Egypt, emphasizing the support of Egyptian authorities, including President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly, in fostering investments.
The ambassador also pointed to President El-Sisi’s meeting with foreign investors, including five Turkish businessmen, as evidence of Egypt's commitment to Turkish investments. He affirmed that the Turkish government views Egypt as a strategic partner in industrial and technological cooperation.
Bonysocks’ Commitment to Local Workforce
Bonysocks plans to hire a significant number of Egyptian engineers, manufacturers, and other skilled workers as part of their investment. The company is committed to supporting sustainable development by utilizing green energy in its facilities, aiming to reduce carbon emissions by 50%.
Egypt-Turkey Economic Partnership
Ambassador Şen reiterated that Turkey prioritizes industrial and technological collaboration with Egypt. He stated that this investment aligns with the strategic vision of fostering mutual growth for both countries.
Global Reach and Sustainability
Bonysocks is recognized as one of Turkey’s top 1,000 exporters for three consecutive years (2021-2023). The company manufactures products for global brands such as H&M, Next, Carrefour, and LC Waikiki, underlining its global footprint.
In addition to its economic ambitions, Bonysocks is dedicated to environmental responsibility, aiming to integrate sustainable practices across its operations.
Egypt’s Investment Climate
The General Authority for Investment and Free Zones in Egypt has pledged comprehensive support to Bonysocks, ensuring smooth financial and legal processes for the investment.
This move is part of Egypt’s broader strategy under President El-Sisi to localize industries and attract foreign direct investment, fostering a win-win dynamic between the two nations.
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