(MENAFN) Egypt is actively seeking to draw new Turkish investments totaling USD1 billion over the next 18 months across diverse sectors, including clothing, home appliances, and electrical goods. This initiative, aimed at bolstering economic ties between Cairo and Ankara, targets a 15 percent increase in bilateral trade over the current and upcoming two-year period, aiming to elevate trade volumes from USD6.3 billion recorded at the end of 2023 to USD7.2 billion.

According to a government source familiar with the matter speaking to Asharq on condition of anonymity, Egypt's strategy underscores a proactive approach to fostering economic collaboration with Turkey. Currently, Turkish investments in Egypt already exceed USD3 billion, distributed among approximately 1,700 companies, as per the latest data from the Egyptian Ministry of Industry and Trade. Key items in the bilateral trade exchange encompass fertilizers, wires, electrical braids, fabrics, ready-made garments, reinforcing steel, automobiles, soybean oil, yellow corn, animal feed, and home appliances.

In a significant move to bolster these economic ties, the Turkish ready-made clothing company "Sirikcioglu" recently secured approval to launch a major jeans manufacturing project in Egypt's Port Said Governorate. Spanning an expansive area of 100 thousand square meters, the project represents an investment of USD700 million. This initiative not only highlights the growing confidence in Egypt's economic landscape but also reinforces the country's attractiveness as a strategic destination for Turkish investments in various industrial sectors. 

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