Egypt and Turkey Deepen Economic Cooperation with $110 Million Industrial Investment

A new Turkish factory has been officially inaugurated in Tenth of Ramadan City, located east of Cairo, with a total investment of $110 million. The facility is expected to produce 1.5 million home appliances annually, with 60% of its production destined for export markets. This development marks a significant step in the growing economic cooperation between Turkey and Egypt.

The launch was highlighted by the Egyptian-Turkish Business Council, whose chairman confirmed that additional investments in the industrial and contracting sectors are anticipated in the near future. This comes on the heels of recent diplomatic progress between the two nations, which have sought to expand their economic and trade relations following a series of high-level meetings between their leaders.

During Egyptian President Abdel Fattah El-Sisi’s visit to Ankara earlier this year, both countries committed to significantly boosting bilateral trade, aiming to reach $15 billion by capitalizing on available economic opportunities. This renewed economic partnership was solidified with the signing of 17 memorandums of understanding (MoUs) across various sectors, including industrial investment, education, healthcare, railways, agriculture, and renewable energy.

The agreements underscore the increasing focus on economic integration between Egypt and Turkey, two of the region's largest economies. By enhancing trade and investment, the two nations are setting the stage for long-term cooperation and shared economic growth.