The Egypt economy continues its search for ways to regain its health after nine months of turmoil. Direct foreign investments in the country declined in the fourth quarter of the fiscal year ending in June by 39.3%, to reach $99 million compared with $163.6 million for the same quarter of the year before.
In a meeting with the Egyptian minister of industry and trade Dr. Mahmoud Issa, representatives of Turkish companies operating in Egypt underscored the difficulties faced by Turkish investments estimated at $1.5 billion. The difficulties include bureaucratic procedures, lack of a trained work force, delays in payment support for exports, lack of housing for workers and overall difficult security situation that followed the January 25 revolution.
Most of the Turkish investments are in textile and food industry, services, pharmaceuticals, mining and tourism.
During his recent visit to Egypt, Turkish Prime Minister Erdogan called on Turkish businessmen to increase their investments in Egypt to $5 billion and to raise the value of trade between the two countries to $10 billion within the next five years.
Source: Al-Sharq Al-Awsat, London, October 16, 2011