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Turkey joins the list of foreign investors in Egypt

Posted by Cayan on March 29, 2024

Turkey joins the list of foreign investors in Egypt

Turkey has joined the list of foreign investors in Egypt after reaching a series of agreements worth nearly $60 billion, signed with the International Monetary Fund, the World Bank, the European Union, and the United Arab Emirates. In this context, the Egyptian Ministry of Transportation announced the signing of a memorandum of understanding to initiate the establishment of a Turkish industrial and logistical zone in the area of the Borg El Arab Port in Matrouh Governorate, northwest of Egypt on the Mediterranean coast.


This partnership aims to attract over $7 billion in direct investments through various stages of the project, creating more than 20,000 new job opportunities. This announcement marks a strategic step to enhance economic cooperation between Egypt and Turkey, reflecting the promising opportunities Egypt offers for foreign investments in various sectors.


Developing the Borg El Arab Port into a hub for trade and logistics services

The selection of the Borg El Arab Port comes as part of the Egyptian government’s strategy to maximize its strategic location. This project is part of a comprehensive plan to transform the port into a hub for integrated trade and logistics services. It involves forming alliances to design, construct, and manage a commercial port and free and logistics zones, connecting them to the railway network, cargo terminals, passenger terminals, and entertainment areas.


The project aims to increase trade volumes with African countries and provide logistical infrastructure for complementary and value-added industries, as well as attract global investments and opportunities to establish international tourism centers. Borg El Arab Port, located in Matrouh Governorate, 70 kilometers west of Marsa Matrouh city, is part of the massive projects undertaken by Egypt over 10 years with a total cost of $10 billion.


Developing Borg El Arab Port | Vital link between Europe and Africa

Borg El Arab Port enjoys a strategic location being the closest to the coasts of Europe, making it a vital link between the continents of Europe and Africa. The development of this port is part of a comprehensive plan to develop the northwestern coast of Egypt. Details provided in the statement indicate that the project will commence with the operation of a multipurpose terminal, including containers, dry bulk, liquid bulk, and general cargo, in addition to establishing a diverse logistics area. The contract for commencement of operations is expected to be signed for early 2026, bolstering the project as a launching pad for economic and commercial activities in the region.


Turkish investments reaching $3 billion

Turkish investments in Egypt amount to approximately $3 billion, providing over 70,000 direct job opportunities and around 100,000 indirect job opportunities, contributing to an annual gross return of about $1.5 billion. Trade relations between the two countries have significantly evolved, with trade volume continuously increasing, currently estimated at around $10 billion.


The two countries aim to increase trade volume to $15 billion in the coming years, following the visit of Turkish President Recep Tayyip Erdogan to Egypt in February, the first of its kind in 11 years. Egypt aspires to establish a strategic partnership with Turkey, encouraging new Turkish investments in various economic sectors such as engineering, chemicals, food, pharmaceuticals, agricultural manufacturing, and others.


Diversification and focus on industrial and commercial sectors

The advantage of Turkish investments in Egypt lies in their diversity and focus on industrial and commercial sectors. Unlike some other investments that focus on real estate or asset acquisitions, Turkish investments contribute to production and stimulate exports, adding value to the Egyptian economy. These investments have been ongoing since 2007, covering a wide range of industries, enhancing the local economy and providing direct and indirect job opportunities. This focus on production and exports reflects a sophisticated investment strategy and enhances economic cooperation between the two countries.


Therefore, Turkish investments in Egypt can be considered an advantage for the Egyptian economy, contributing to the development of industries and enhancing export capabilities, promoting trade exchange, and strengthening economic relations between the two countries.


A thoughtful investment strategy

The choice of the Borg El Arab area on the Mediterranean coast near Marsa Matrouh and the new city of Al Alamein reflects a thoughtful investment strategy. This choice is attributed to the strategic location of the region, acting as a gateway for exports and being close to both Europe and Africa, facilitating and enhancing trade and communication with these continents. It is worth mentioning that this area is also close to the new cities and ports being developed by Egypt in partnership with other partners, enhancing opportunities to attract new residents and transform it into a major population attraction area.


It is also important to note that Turkish investments in this area may be part of Egypt’s strategy to enhance economic and trade relations with Turkey, especially amidst the challenging economic conditions Egypt is facing. These investments are likely to contribute to enhancing cooperation between the two countries and addressing many common issues, such as the situation in Libya, issues related to the Eastern Mediterranean waters, and delineating maritime borders, especially with the increasing natural gas discoveries in the region.


An unconventional partnership based on strong economic exchange

The trade relationship between Egypt and Turkey is considered an unconventional partnership based on strong economic exchange between the two countries. Egypt is Turkey’s top trading partner in Africa, while Turkey is one of the most important future markets for Egyptian exports. Despite fluctuations in the volume of trade between the two countries over the past two years, economic relations remain robust, with Egypt producing several commodities and diverse products exported to Turkey, including fuel, mineral oils, plastics, fertilizers, iron and steel, ready-made garments, machinery, and electrical appliances. On the other hand, Egypt’s imports from Turkey include machinery, electrical appliances, iron and steel, fuel, mineral oils and distillation products, inorganic chemicals, plastics and their products, paper and paperboard, and articles of paper pulp.


Despite fluctuations in trade volume, economic relations between Egypt and Turkey remain vibrant and serve as a source of strength for future cooperation between the two countries in various fields, enhancing economic and trade links between the East and the West.


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