Turkish companies, bank mull investing here: Turkey’s largest state-owned bank and a number of Turkish manufacturers expressed their interest in expanding into the local market during Trade and Industry Minister Ahmed Samir’s visit to Ankara last week, according to a ministry statement.

A new USD 70 mn white goods factory: Turkish home appliances manufacturer Vestel and conglomerate Zorlu will soon visit Egypt to explore plans to build a home appliances factory here with investments of more than USD 70 mn in an initial phase, representatives from the two companies told Samir.

Ziraat Bank: Samir also held a meeting with Ziraat Bank — Turkey’s largest state-owned bank — to discuss potential investment in the Egyptian market, with the bank saying it is looking to launch commercial operations as well as to invest in local projects.

KOC: Fortune Global 500 investment group KOC Holding wants to establish a factory for automotive feeder industries, a car manufacturing plant, and a medical products plant, according to a separate statement. The investment group is also looking at renewable energy and wind projects in the Suez Canal Economic Zone (SCZone) and yacht marinas, among other projects. KOC is the investor behind the USD 110 mn Beko home appliance factory set to start operations by 4Q 2023.

Also eyeing the local market: Milat Carpet is planning a visit to explore the feasibility of building a furniture factory in Damietta, company reps told Samir. Execs at metal manufacturer Berdan Civata also met with the minister.

On the policy front: Turkish Industry and Technology Minister Mehmet Fatih Kacir hailed a “new phase of economic cooperation” between Egypt and Turkey at his meeting with Samir last week, according to a separate statement. The two ministers discussed the possibility of establishing a Turkish industrial zone in Egypt, working together on auto manufacturing projects, and potentially relaunching a RoRo line between Egypt and Turkey. Samir proposed that the two sides sign an MoU for cooperation on industrial investment, agriculture, technical expertise transfer, training, and education.

REMEMBER- Samir’s visit came weeks after presidents Abdel Fattah El Sisi and Recep Tayyip Erdogan agreed to reestablish diplomatic ties and appoint ambassadors, ending 10 years of hostilities. The two sides also reconstituted the Egyptian-Turkish Business Council for the first time in 10 years in May. In the past three months, Turkish healthcare firm Hayat and leather maker Iskefe Holding have announced plans to invest a combined USD 250 mn to expand manufacturing operations in Egypt.

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