Turkish companies to launch $4 bln textile industrial zone in Egypt

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Minister of Trade and Industry Rachid Mohammed Rachid expects a remarkable increase in foreign capital inflows from Turkish textiles and readymade garment producers thanks to the free trade agreement between Egypt and Turkey.

Rachid told reporters on Wednesday that three major companies from Turkey were taking final measures to set up mega projects in Egypt.

The Egyptian minister also said that a Turkish textiles company plans to set up a specialized industrial zone for textiles west of Cairo with investments estimated at $4 billion.

In a press conference with Turkey’s Minister of State for Foreign Trade Wednesday, Rachid hailed the free trade agreement and the significant growth of trade relations between Egypt and Turkey.

Over the first four months of 2006, Egyptian exports to Turkey recorded $94 million, up 14 percent from a year earlier.

Egypt’s imports from Turkey meanwhile fell 14 percent to $184 million over the first four months of 2006 compared with US$214 million a year ago.

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