Turkish companies returning to turmoil-hit Egypt even stronger

Several Turkish companies are returning to business in Egypt after a business mission to the turmoil-hit country. Turkish businessmen will also seek joint projects with Egyptians

This Wednesday photo shows Egyptians with Turkish flags around Cairo’s Opera House, where Turkish PM Recep Tayyip Erdoğan made an historic speech. Erdoğan’s visit has been very effective in rebuilding trade and investment ties with the North African country, according to several businessmen who accompanied the prime minister.Turkish businessmen accompanying Prime Minister Recep Tayyip Erdoğan during his Middle East trip met with more than 1,200 Egyptian counterparts, according to Mehmet Büyükekşi, head of the Turkish Exporters’ Assembly, or TİM.

“We have made more than 2,000 business meetings with 100 companies,” Büşükekşi told the Anatolia news agency. “This is a record.”

Along with the meetings, a panel forum was organized for construction, transportation and overall investments.

Recalling that Turkey and Egypt had undersigned a free-trade zone agreement, Büyükekşi, said, “We want this agreement to be harmonized with the free-trade zone deal with the European Union in this new period in Egypt. This is what we ask for particularly in the food business.”

Erdoğan set a $5 billion goal for mutual trade with Egypt in addition to another $5 million goal for Turkish investments in the country.

“The Turkish investments in Egypt stand at $1.5 billion today. The potential for mutual trade is $3.1 billion. Investments in this country would also contribute to a rise in exports,” Büyükekşi said.

Egypt is expecting investments in the textiles, ready wear, energy, health, cleaning products, building equipment and construction sectors, he said.

The Turkish businessmen in Erdoğan’s mission witnessed great interest in Egypt, according to Zuhal Mansfield, head of Egypt-Turkey Council at the Foreign Economic Relations Board, or DEİK. “Egypt is the right place to trade because some rules are set there. They love us and are ready for all kinds of cooperation.”

The meeting in Egypt would reflect in exports and investment figures, said Mansfield. “This much enthusiasm will surely result in new business.”

Limak Contrsuction, a subsidiary of Turkey’s Limak Group, will start next month construction work at Cairo’s airport and its new terminal building, according to Vice Chairman Sezai Bacaksız. Limak won the tender for the construction but did not start the construction due to turmoil in the country.

Bacaksız told Anatolia that Turkish companies were seeking joint projects in various parts of Africa with Egyptian firms.
Elif Çoban, chief executive of Turkey’s Şölen Gıda, said Egypt should solve its problems at customs and cut tax rates to attract foreign investors. “Once we solve these problems, no one can stop Turkish companies there.”

Working with distributors in Egypt for 12 years, Şölen products are sold everywhere in the country, she said.

Egypt welcomed the Turkish businessmen, agreed Cemelattin Sarar, chairman of garments brand Sarar. The company, which has operated in the North African country for six years, is preparing to open three more stores there, he said.

Meanwhile, Egyptian businessmen will visit Turkey’s southern province of Adana on Sunday, said the Adana Chamber of Industry in a written statement released Thursday.

The Egyptian mission will mainly consist of representatives of companies active in agriculture, furniture, textiles, energy and machinery businesses, the chamber said.

September 15, 2011
SOURCE: HURRIYET DAILY NEWS