11/13/2009

Egypt signals two major investments in Turkey

AA - Egyptian companies are set to make two major investments in Turkey, said Rachid Mohammed Rachid, Egypt's Industry and Trade Minister on Tuesday. During his speech at the Turkey-Egypt Business Forum, Rachid said these investments will be made in the healthcare-pharmaceuticals and construction sectors. Rachid did not disclose detailed information about the Egyptian investments, but just said the amount of investments could be expressed in hundreds of millions of dollars. "Solid steps will be taken in 2010. Detailed information will be given in the coming weeks or months", he remarked. Trade volume between Turkey and Egypt was around USD 2 billion last year, said Rachid, adding that the two countries aim to increase it to USD 5 billion over the next few years. "Turkish exports to Egypt are five times higher than our exports to Turkey. We prefer importing from Turkey instead of another country", Rachid stressed.

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