Turkey readies to inject fresh investments into Egypt
Egyptian Trade and Industry Minister Ahmed Samir held a meeting with a delegation from the Turkish holding company Cobbler to review the company’s plan to make new investments in the Egyptian leather and edible gelatin market.
The Minister reaffirmed the Ministry’s commitment to provide comprehensive support to local and foreign investments operating in the Egyptian market, in cooperation with various ministries and interested authorities in the country, pointing to the outstanding investment opportunities and ingredients available in the Egyptian market in the leather sector, especially the availability of raw materials and qualified labor force, as well as the tannery town of Rubik, which is a large building for industry, in addition to free and preferential trade agreements concluded with a large number of countries and major economic blocs around the world, which provide free access to Egyptian products for a large number of regional and world markets.
He noted the state’s commitment to modernize the leather industry with the aim of making Egypt a strategic center for the leather industry at the local, regional and international levels by integrating the value chains of the Egyptian leather industry to achieve high quality. a product capable of competing in domestic and foreign markets.
He noted that the Turkish company is currently considering the possibility of injecting new investments into the Egyptian market through the establishment of a plant for the production of edible gelatin and a number of other materials extracted from the skin, with an investment of $40 million, as well as the reconstruction and operation of 3 production workshops in Rubik’s tannery town with an investment of US$6 million.
For their part, representatives of the Turkish holding company Cobbler said that the company operates in the field of leather and the production of gelatin and collagen, owns 4 leather factories and two factories for the production of gelatin, and acquires 40% of the Turkish market, as it relies on the use of modern technologies in production for reducing waste and maximizing the use of raw materials.
The company added that the company’s targeted projects in Egypt help meet the demand of the Egyptian market for a number of leather products, as well as export to foreign markets.