Another Turkish garment factory in the works: Katia & Bony, a Turkish textile firms whose parent company Bonysocks exports to global brands like H&M and Carrefour, will be launching sock manufacturing operations in Egypt with investments of USD 50 mn, Turkish business paper Ekonomim reports. The General Authority for Investment and Freezones has reportedly said it will facilitate the company’s entry to the local market.

Turkey’s garment industry has been doubling down on Egypt as of late: This is just the latest of a string of notable investments from Turkish textile firms, with the most recent including Eroglu Holding’s USD 8.8 mn denim factory in the Qantara West Industrial Zone announced in December. Also in the pipeline are Şirikcioglu’s USD 700 mn planned denim factory in Port Said and Eroglu’s USD 51 mngarment factory in Qantara West, which just broke ground in November.

Our growing economic ties with Turkey are no accident: During President Abdel Fattah El Sisi’s historic visit to Turkey last September, the leaders of the two countries discussed their aim to boost trade relations threefold from USD 5 bn to USD 15 bn over the next five years.

The global macroeconomic landscape is also playing a role: Increased Turkish investment in Egypt also comes at a time when high inflation and a weaker currency in Turkey have seen many local companies seek to push manufacturing offshore.

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