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China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
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Hayat Egypt for hygienic products company will build three new factories worth $210 million in investments, according to a Cabinet statement released on Thursday.
Egypt’s Minister of Trade and Industry, Ahmed Samir, met with representatives from Hayat to discuss cooperation and expansion of their investments in Egypt. The trade minister emphasized Egypt’s encouragement of both local and foreign investment.
The hygienic products company already has five factories operating in Egypt and has invested more than $500 million in Egypt with more than 1,500 employees.
The Egyptian government is currently pushing forth both the public and private sectors investment and aims to create a favorable investment climate in Egypt.
The new factories will encourage Egyptian-Turkish relations, which are already increasing, with more than 200 Turkish companies are now collectively investing EGP 2 billion in Egypt’s economy. This came in statements made by Commercial Counselor of the Turkish Embassy in Egypt Atilla Yenigun earlier this week.
The bilateral trade volume increased by 14 percent in 2022 to record $7.7 billion, according to data released by the Central Agency for Public Mobilisation and Statistics (CAPMAS).
Earlier this month, Egypt and Turkey restored their diplomatic relations by appointing ambassadors to each other's capitals for the first time in 10 years.
Egypt's Ministry of Foreign Affairs spokesperson, Ahmed Abu Zeid, recently stated that, “Egypt and Turkey are looking to bolster their economic and trade ties in the near future.”
