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More Turkish investments incoming: Turkey’s Hiper Plastic will invest USD 40 mn to set up a recycling facility in the Qantara West Industrial Zone, according to a statement. The project was announced during the SCZone’s promotional tour in Turkey, which kicked off this week.
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The details: The project will be implemented in two phases on a total area of 100k sqm and will create 700 jobs. It will recycle PET, packaging materials, polypropylene, and high-density polyethylene.
Why it matters: The project is the first recycling investment in Qantara West, which the SCZone is positioning as an integrated, sustainability-focused industrial cluster.
More Turkish investments to come? On the roadshow, SCZone head Walid Gamal El Din pitched the zone’s selling points to Turkish investors — skilled labor, affordable energy, and Egypt’s freetrade agreements that help manufacturers keep costs down and reach global markets. The tour is targeting Turkish investment in priority sectors earmarked for localization, including textiles, packaging, building materials, ports, and logistics, according to a statement.
DATA POINT- Qantara West has so far locked in USD 1.1 bn in investments across 41 projects spanning industry, services, and logistics, Gamal El Din said. These projects cover 2.6 mn sqm and provide more than 56.5k jobs, he said.
REMEMBER- Turkish companies have invested some USD 500 mn in Egypt so far this year. Four Turkish factories worth USD 200 mn are under development in the SCZone, and a dedicated Turkish industrial zone is on the drawing board. With banks in Turkey tightening credit to industry, Egyptian manufacturing is looking increasingly attractive to Turkish investors.
IN OTHER INVESTMENT NEWS-
A Turkish-Chinese consortium is seeking approval from the Investment Ministry to build a USD 150 mn facility specializing in cast fittings, steel angles and sections, and flat stainless products, Al Borsa reports.
