{"id":77574,"date":"2024-03-25T00:00:00","date_gmt":"2024-03-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/03\/25\/turkish-firm-eyes-usd-7-bn-logistics-and-industrial-zone-in-egypt\/"},"modified":"2024-03-25T00:00:00","modified_gmt":"2024-03-25T00:00:00","slug":"turkish-firm-eyes-usd-7-bn-logistics-and-industrial-zone-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/03\/25\/turkish-firm-eyes-usd-7-bn-logistics-and-industrial-zone-in-egypt\/","title":{"rendered":"Turkish firm eyes USD 7 bn logistics and industrial zone in Egypt"},"content":{"rendered":"

A Turkish industrial zone <\/strong>in Egypt back in the cards<\/strong>?<\/strong> Turkish firm Do\u011fu\u015f Construction and<\/a>Trade<\/a> has inked an MoU with state-owned Egyptian Group For Multipurpose Terminals<\/a> to establish a USD 7 bn industrial and logistics zone on the country\u2019s north coast in Gargoub, according to a statement<\/a> released on Friday. A binding agreement is expected to be signed by the end of the year and operations at the multipurpose terminal and the logistics area are slated to kick off in 2026.<\/p>\n

The details: <\/strong>The project plans to establish a commercial port in addition to logistics and free zones linked to a railway network, a freight station, a yacht marina, a multipurpose terminal, and an industrial zone, the statement notes. It will take six months to complete studies and obtain the required approvals for the project. <\/p>\n

The rumor mill was buzzing: <\/strong>Enterprise had heard from industry insiders back in February<\/a> that Egypt and Turkey were looking to revive plans to set up Turkish industrial zones in Egypt following President Recep Tayyip Erdogans\u2019 visit to the country<\/a>. We had also heard from meetings held preceding Erdogan\u2019s visit by Egypt\u2019s Trade Minister Ahmed Samir and Turkish business representatives that a Turkish industrial zone would house industries active in aluminum production, automotives, machinery and equipment, and advanced tech.<\/p>\n

Why is this important?<\/strong> Ankara sees the potential to boost exports to Africa via Egypt, Egyptian-Turkish Business Council member Majd El Manzalawy told Enterprise earlier in the year. This geographical advantage, coupled with an investor-friendly environment due to incentives like the golden license program, positions Egypt as an attractive investment destination for Egypt, House Economic Committee member Attia El Fayoumi told Enterprise.<\/p>\n

Gargoub is attracting attention: <\/strong>South Korean trading company STX Corporation<\/a> said it will work with Egypt to upgrade Gargoub port, establish an industrial-logistics zone, and buildan oil pipeline connecting Libyan fields to the port last November<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Turkey wishes to develop a logistics hub in Egypt to serve as a conduit for its exports to Africa<\/p>\n","protected":false},"author":1,"featured_media":77575,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45],"tags":[49,44,32,231,21],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-egypt","tag-investment-watch","tag-trade","tag-turkey","tag-zones","wpautop","entry"],"acf":{"mongo_id":"a351d680-6c12-4487-a5b5-ffb6bfcef914","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2133.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Turkish firm eyes USD 7 bn logistics and industrial zone in Egypt","related_issue":[77567],"teaser":"Turkey wishes to develop a logistics hub in Egypt to serve as a conduit for its exports to Africa","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.aa938018-11be-490b-891b-a36a41198af1.mp3"},"yoast_head":"\nTurkish firm eyes USD 7 bn logistics and industrial zone in Egypt - 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