Egypt’s Minister of Trade and Industry Ahmed Samir met with a delegation from Turkish Tumosan, a company that specializes in various fields such as agricultural tractors, textiles, sugar, waste management, electric generators, ship engines, and forklifts. The delegation was led by Bulent Polat, a member of the company’s executive directors committee. The meeting explored the company’s investment plans in the Egyptian market and the potential opportunities for cooperation.
The minister highlighted the competitive advantages that Egypt offers to investors, such as qualified labor, energy prices, and access to a large number of markets through free trade agreements with African countries, the USA, and others. He also mentioned the incentives that the Egyptian state provides to investors in strategic sectors, such as tax exemptions and land subsidies. He added that the Ministry of Trade supports investors to facilitate doing business in Egypt.
He said that the Ministry has identified 152 investment opportunities in various strategic production sectors that aim to provide inputs for the national industry, meet the local demand, and export to foreign markets. He stated that there are promising opportunities for Tumosan to invest and expand in Egypt in the fields of manufacturing tractors, paper, textiles, and shoes and exporting them to regional and global markets.
Bulent Polat expressed his company’s interest in establishing an investment project in Egypt in the field of producing agricultural tractors for the local and regional markets. He said that the company could also consider other investment projects in Egypt that suit its areas of expertise. He added that the company produces about 45,000 tractors and 75,000 engines annually and exports them to 23 countries around the world. He expressed his hope to invite a delegation of Egyptian businessmen to visit the company’s factories in Turkey and discuss joint investment projects in Egypt soon.
Polat also said that his company is keen on transferring and localizing advanced Turkish industrial technologies to various Islamic countries, especially Egypt.