There are 250 companies operating in Egypt and they now try to assess possible impacts of the recent political unrest in this country. The value of Turkish companies’ investments there is more than USD 2bn, according to local daily Hurriyet. Turkish investments in Egypt are focused on textile, chemicals, retail and construction.
Properties and security of Turkish businessmen in Egypt are not under threat and currently there is no serious risk to Turkish businesses, Zuhal Mansfield, head of the Turkish-Egyptian Business Council, told the daily. However, chairman of the Istanbul Chamber of Commerce, Ibrahim Caglar says that he is concerned about the turmoil in this country as the situation is still unstable. Orders from the EU and US may stop if the unrest continues, says Hikmet Tanriverdi, head of Istanbul Textile & Read-Wear Exporters’ Assembly (IHKIB).
The Turkish government had close ties with the deposed president of Egypt, Mohamed Morsi, and Turkish companies were hoping to benefit from Turkey’s good relations with Egypt’s ruling Muslim Brotherhood. This year Turkey provided a USD 2bn aid package to Egypt to support the country’s economy and to finance infrastructure projects. Trade volume between Turkey and Egypt was USD 5.2bn last year with Turkey’s exports to this country amounting to USD 3.7bn. Turkey’s exports to Egypt were USD 1.4bn in January-May.
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