Turkish companies investing in Egypt launch new factories

CAIRO – 3 April 2024: Chairman of the General Authority for Investment and Free Zones (GAFI) inaugurated Tuesday the expansions of two Turkish companies in Cairo's 10th of Ramadan City.

One is Jade Textile that launched a new factory upping its plants in Egypt to five comprising around 300 production lines in the governorates of Sharqia, Alexandria, and Ismailiyah. Those are worth $250 million, and operate in the free-zone system.

The CEO of Jade Textile stated that the expansions would raise the value of exports to $190 million up from $100 million, and provide 20,000 job opportunities by 2030 instead of the current 9,000.  

The other factory inaugurated belongs to Carven for pastries, which exports 70 percent of its production and whose sales is estimated to record $75 million. The company plans to invest $50 million by 2026 and add 12 new production lines.