$40 million.. Turkish investments in Egyptian leather

The Minister of Trade and Industry, Engineer Ahmed Samir, affirmed keenness to provide all aspects of support for local and foreign investments operating in the Egyptian market, in cooperation with various ministries and concerned authorities in the country.

This came during the meeting of the Minister of Trade and Industry with the delegation of the Turkish (Eskafi) Holding Company. To discuss the company's plan to inject new investments into the Egyptian market in the field of leather and food gelatin production.

Upgrading the leather industry

He affirmed the state's keenness to upgrade the leather industry with the aim of making Egypt a strategic center for the leather industry at the local, regional and international levels, by achieving integration between value chains in the Egyptian leather industry to reach a high-quality product capable of competing in the local and foreign markets.

Investment opportunities and ingredients

The minister referred to the distinguished investment opportunities and ingredients available in the Egyptian market in the leather sector, especially the availability of raw materials and qualified labor, as well as the leather city in “Rubiki”, which represents a great edifice for the industry, in addition to free and preferential trade agreements concluded with a large number of countries and major economic blocs around the world that allow  free access for Egyptian products to a large number of regional and international markets.

$40 million investments

He said that the Turkish company is currently considering pumping new investments into the Egyptian market by establishing a factory for the production of food gelatin and a number of other materials extracted from leather, with investments amounting to $40 million, and rehabilitating and operating 3 production units in the leather city in “Rubiki”, with investments amounting to $6 million.

Representatives of the Turkish (Eskafi) Holding Company said that the company works in the field of leather and the production of gelatin and collagen. To reduce waste and maximize the benefit of raw materials.

They added that the company's targeted projects in Egypt contribute to providing the Egyptian market's needs for products extracted from leather, as well as exporting to foreign markets.

$500 million in new investments

In February2023, turkish investors have revealed their plans to expand their business in the Egyptian market, with a total of about $500 million in new investments, stressing the attractiveness of the investment market in Egypt.