The Vice President of the Ready-Made Garments Division at the Egyptian Chambers of Commerce, Khaled Suleiman has announced that the Egyptian market has gained new Turkish investments in the ready-made garment sector. He revealed that 10 Turkish investors in the spinning, weaving, and clothing sector have expressed their interest in investing in Egypt owing to its robust potential.
According to Suleiman, the current year is likely to witness an increase in investments in the spinning, weaving, and ready-made garment sectors. This can be attributed to the availability of low-cost labor as compared to other markets, as well as the availability of industrial land across the country at competitive prices that are well-suited for foreign investors.
The Vice President of the Ready-Made Garments Division at the Chambers of Commerce has elaborated on the subject of the Egyptian market, highlighting the significant number of trade agreements that currently enable foreign investors to access global markets and import their products at substantially lower customs duties, particularly in the Arab and US markets.
Suleiman has recently disclosed that the sales of ready-Made Garments clothing have experienced a decline of 20-30% in the domestic market. It has been observed that the price fluctuations of ores have had an impact on the final product’s price. In response, local factories have attempted to lessen the burden on consumers by absorbing the price fluctuations, rather than passing them on in full.
According to Mustafa Denizir, the Chairman of the Turkish-Egyptian Business Council at the Turkish Foreign Economic Relations Board, Turkish investments in Egypt have been estimated to have a volume of approximately three billion dollars.
According to Denizir’s statements to Anadolu Agency, Turkish investments in Egypt have created 70,000 direct employment opportunities and approximately 100,000 indirect jobs, contributing to an annual return of $1.5 billion. The free trade agreement signed with Egypt in 2007 has resulted in an increase in trade volume between the two nations, with the current trade value reaching $10 billion.
