Turkish Businessmen are “Ready” to Pump $ 5 Billion Investments in Egypt

On Monday, Attila Ataseven, Chairman of Turkish-Egyptian Businessmen Association (NGO) stated that Turkish businessmen are ready to pump $ 5 Billion new investments in Egypt during the coming period, without specifying time range, if the “appropriate conditions” are available. Ataseven indicated in statements for Anadolu Agency that the investments will not only be Turkish but also an extension for multinational companies. He added that Turkey has turned into a safe place attracting international investments. Therefore, in case of availability of “appropriate” climate within Egypt, investments may flow at a faster pace. “Appropriate Climate” means to implement the encouraging investment laws and facilitate banking rules.
Ataseven added that Egypt has a “prescription” for development and investment better than other countries. By the end of 2016, Egypt’s government approved a new draft law for investment aiming to attract the largest investments in the upcoming period. Direct foreign investments in Egypt amounted $ 6,84 Billion in the fiscal year 2015/2016 against $ 6,38 Billion in the last fiscal year. Ataseven considered the agreement between Egypt and IMF, despite the “painful” actions accompanying it, is promising for the future and will strengthen Egypt’s stand as a place suitable for investment and borrowing from international funds and banks. Ataseven heads up Turkish-Egyptian Businessmen Association, which is Cairo-based and comprises 725 members, most of which are Egyptian. Regarding the present visit of Turkish trade delegation to Egypt, he explained that this visit has been scheduled since the beginning of last year, however it is postponed due to the failed coup attempt in Turkey occurred in Mid-July 2016.
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