Turkish Ambassador to Egypt Salih Mutlu Şen said Turkey’s growing industrial presence in Egypt follows the normalisation of ties since mid-2023, citing Egypt’s low-cost skilled labour as a key factor. He added that the Qualified Industrial Zones (QIZ) agreement with the US offers strong incentives for Turkish investors. The QIZ framework, established by the US Congress in 1996, allows exports to the American market tariff-free if products include at least 10.5% Israeli input and 35% local content. Şen said trade volume between Turkey and Egypt exceeded $8 billion in 2024, supported by the free trade agreement between the two countries. He noted ongoing Turkish projects including Beko’s home appliances plant in 10th of Ramadan City and multiple Hayat Kimya factories in Ain Sokhna and Qantara West.
Turkish Ambassador to Egypt Salih Mutlu Şen said Turkey’s growing industrial presence in Egypt follows the normalisation of ties since mid-2023, citing Egypt’s low-cost skilled labour as a key factor. He added that the Qualified Industrial Zones (QIZ) agreement with the US offers strong incentives for Turkish investors. The QIZ framework, established by the US Congress in 1996, allows exports to the American market tariff-free if products include at least 10.5% Israeli input and 35% local content. Şen said trade volume between Turkey and Egypt exceeded $8 billion in 2024, supported by the free trade agreement between the two countries. He noted ongoing Turkish projects including Beko’s home appliances plant in 10th of Ramadan City and multiple Hayat Kimya factories in Ain Sokhna and Qantara West.
Turkish Ambassador to Egypt Salih Mutlu Şen said Turkey’s growing industrial presence in Egypt follows the normalisation of ties since mid-2023, citing Egypt’s low-cost skilled labour as a key factor. He added that the Qualified Industrial Zones (QIZ) agreement with the US offers strong incentives for Turkish investors. The QIZ framework, established by the US Congress in 1996, allows exports to the American market tariff-free if products include at least 10.5% Israeli input and 35% local content. Şen said trade volume between Turkey and Egypt exceeded $8 billion in 2024, supported by the free trade agreement between the two countries. He noted ongoing Turkish projects including Beko’s home appliances plant in 10th of Ramadan City and multiple Hayat Kimya factories in Ain Sokhna and Qantara West.
comments
Turkey reveals reason behind factory expansion in Egypt: US-Israel link
display options :
Full
Main image only
without images
comments