El-Khatib mulls Turkish Erciyas’ plans to build $60M factory in Egypt
Updated 11/20/2024 1:42:00 PMArab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib met with Emre Erciyas, the CEO of Türkiye-based Erciyas Holding, to discuss the company’s plans to build a $60 million factory in Egypt, according to a statement.
The factory will produce high-pressure oil and natural gas pipelines, with diameters ranging from 2 to 3 meters.
The project targets to achieve a return on investment of about $200 million by exporting 60% of the production abroad, while 40% of output will be directed to the local Egyptian market.
During the meeting, El-Khatib expressed the Egyptian government’s strong support for the project, highlighting efforts to provide all necessary assistance to the Turkish company in its expansion.
The minister also added that the government is committed to implementing more reforms in its financial, monetary, trade, and tax policies.
These reforms aim to make it easier for investors to do business in Egypt, which eases trade movement and attracts further investments to the country; both local and foreign, he said.
The yet-to-be-established factory aligns with Egypt's broader ambition to become a key regional hub for export, due to its geographical location, El-Khatib noted.
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