The Turkish company Bony Socks and the Egyptian El Sewedy Industrial Development signed an investment agreement for the amount of $ 70 to 100 million.
The Turkish Ambassador to Cairo Salikh Mutla Shen, the head of the General Directorate of Foreign Investments and Free Zones Egypt Hussam Hayba, Chairman of the El Sewedy Electric group Ahmed, as well as the owner of Bony Socks, Khasan Gyulkaya and his family, took part in the signing.
In his speech, the ambassador Shen emphasized that Bony Socks investments in Egypt are implemented as part of the principle of mutual benefit for both sides.
He noted that Turkish companies, thanks to the presence in Egypt, get an advantage in the world market, as well as access to regional markets in various sectors.
Shen noted that Turkish firms not only create jobs in Egypt, but also contribute to the development of technology and production potential. According to him, the Egyptian side highly appreciates professionalism, the quality and efficiency of Turkish companies.
Hussam Hayba and Ahmed al-Seven also expressed satisfaction with the investments of Turkish companies in Egypt, emphasizing their positive impact on economic relations between the two countries.
The owner of Bony Socks, Hassan Gulkiy, said that the head office of his company is in Turkish Cherkeke and it is a leader in its industry with more than 50 years of experience. Now this experience is planned to be transferred to Egypt.
According to the agreement, El Sewedy will provide Bony Socks with a plot in the industrial zone “10 Ramazan” and will take on the construction of the factory.
On a area of 1,10,000 square meters, the production of soil-volume products will be created for 100% Turkish capital. It is expected that the company will provide direct and indirect employment for 2500 Egyptians.
This project will become the largest sock-good production in the Arabic and African regions and will be completely Turkish in the structure of capital. The launch of the enterprise is scheduled for the next 12 months.
At the first stage, Bony Socks will focus on the production of products exclusively for export to Europe, and on the second – plans to expand the finished clothing in the sector. The company also intends to open its own chain of stores in Egypt.
At the moment, numerous stores of famous Turkish brands that are in great demand among local residents are already in effect in Egypt.