Minister of Industry and Foreign Trade, Hatem Saleh, has discussed with the Turkish company KCG, the company’s desire to build an industrial compound in Sinai with an investment of $400 million.
KCG is one of the largest international Turkish companies working in the field of textiles and energy.
The compound will work on energy generated by El Maghara coal mine, which is expected to fulfill its needs. El Maghara generates 300 megawatts of energy, half of this will be used for building a new cement factory.
Saleh and the representatives discussed ways to expand the company’s business in Egypt in the upcoming period.
“The company had finished establishing a new factory for textiles production for the local market with investments exceeding $ 20 million,” Saleh said.
“Egypt is looking forward to increasing Turkish long-term investments in Egypt, and it’s very necessary to double those investments and promote interregional trade, to create good relations between both sides,” Saleh said.
Yashar Koshkshak, head of KGC, expressed his appreciation to the Egyptian government especially the Ministry of Industry and Foreign Trade, for their support of all Turkish companies working in Egypt.
“There will be many companies willing to invest in Egypt in the coming era, especially when political and economic stability return,” said Koshkshak.
Magdy Toulba, an economy expert, told Daily News Egypt that he agreed with promoting Egyptian- Turkish relations, saying “Egypt is a need to build relations with countries like Turkey, Brazil, India and Russia.”
“Brazil was about to be bankrupt 15 years ago; however they build their own strategy to overcome this without depending on loans, Egypt needs to follow suit,” said Toulba.
Toulba added he didn’t encourage relations with western countries, because they are building huge financial entities in investments which only benefit a specific sector. In addition he didn’t accept westerns dominance of investments.
“Egypt could be a broker for the entrance of investment to the whole of Africa,” said Toulba.