Turkish investors in Egypt try to assess impact of political unrest on their businesses.

By bne IntelliNews July 5, 2013

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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Four Turkish companies reportedly consider IPOs in London or Istanbul

Turkey’s Enerjisa, Memorial Health Group, Tab Gida and Baskent Gaz are considering public offerings in London or Istanbul, unnamed sources told Bloomberg on July 19. Enerjisa, a 50:50 JV ... more

Turkey bars entry to thousands from more than 140 nations over suspected IS ties

Turkey has arrested and deported thousands of people suspected of having links to the Islamic State group according to a Turkish interior ministry report entitled “Turkey’s Fight ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Most Read

  1. Wildfires hit Croatia and Montenegro’s Adriatic coast
    6 days ago
  2. Tajik president’s 23-year old daughter appointed deputy head of largest Tajik bank
    5 days ago
  3. Bosnia’s ruling coalition collapses
    2 days ago
  4. Siemens considers quitting Russia
    10 days ago
  5. FINTECH: A Russian fintech revolution is coming
    10 days ago
  1. CHINA RISING: When sleeping giants meet
    14 days ago
  2. Belarus’ retail king Euroopt goes on the road
    19 days ago
  3. STOLYPIN: Russia’s cyber-challenge cuts both ways
    21 days ago
  4. Siemens considers quitting Russia
    10 days ago
  5. COMMENT: Gazprom’s exit from Turkey is a sign of the times
    11 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss