Turkish firm to invest $100M in Egypt

CAIRO – 12 July 2017: A Turkish glass manufacturing company, Paşabahçe, will invest $100 million in the Egyptian market, Minister of Industry and Trade Tarek Kabil said Wednesday.

The investment comes as Paşabahçe acquired an Egyptian glass manufacturing company in a deal worth $50 million, Kabil added.

He said that the new Turkish investment will offer around 1,200 job opportunities, adding that the company is planning to expand to the U.S., Latin America, Africa, Eastern Europe and Arab markets to benefit from preferential and free trade agreements.

After Kabil’s meeting with the Turkish company’s delegation, the firm’s Vice Chairman, Cemil Tokel, said that investment in Egypt will allow the products to enter a big number of international markets.

Paşabahçe is considered the third biggest glass manufacturing firm globally, and the second in Europe, Tokel said.

Trading volume between Egypt and Turkey stood at $4.176 billion in 2016.

Egyptian exports to Turkey increased by 52 percent in the first five months of 2017, registering $837.2 million, compared to $549.4 million in the same period in 2016, according to data from the Trade Ministry.