Turkish businessmen ready to set up industrial zone in Egypt

A host of Turkish businessmen are getting ready to establish an industrial zone in the 6th of October City, showing a will to set up ventures there at a cost of $ 1 billion in ten years' time.

Egypt's ambassador to Turkey Fathi Al-Shazli said preparations pertaining to setting up these investment ventures in Egypt accelerated after Minister of Housing and Utilities Mohamad Ibrahim Soliman officially approved allocation of 1 million square metres of the industrial zone lands in the city.

"The Turkish businessmen intend to launch several medium-and small-sized enterprises in this industrial zone, which are expected to contribute tangibly to enhancement of Egypt-Turkey cooperation in the fields of economy, trade and investment," said Shazli.

They pledged to erect nearly 100 plants providing 10,000 job opportunities for Egyptians and of production capacity worth $ 600 million annually, he said, adding part of the production will be exported while the rest will go to local consumption.