Turkish Vestel, Zorlu to establish home appliances factory in Egypt with $70 mln

Egypt’s Minister of Trade and Industry Ahmed Samir announced the news after meeting with officials from the two companies as well as other Turkish entities on Saturday as he concluded his multi-day visit to Ankara, the first by an Egyptian trade minister in a decade.

Samir invited Vestel and Zorlu officials to visit Egypt during the coming period to finalise the studies required to establish the factory.

Potential investments

Samir revealed that Turkish Milat Carpet and Berdan Civata, Turkish fastening-components manufacturer, are willing to explore investment opportunities in Egypt. 

Meanwhile, Turkey's largest state-owned bank Ziraat Bank is considering opening a representative office in Egypt to prepare the ground for the establishment of a branch in the country in coordination with the Central Bank of Egypt (CBE), Samir added.