Minister of Trade s meeting with Hayat Egypt officials. Cabinet.
Egyptian Minister of Trade and Industry Ahmed Samir met with the company's officials to discuss ways to cooperate and expand their investment in Egypt, emphasizing the state's support for local and foreign investors.
Egypt has recently taken major steps to encourage entrepreneurship, guaranteeing equal treatment between public and private sectors, fostering a favourable investment climate, and developing legislation for startups.
Hayat Egypt currently owns five factories, employing 1,500 people and accounting for $550 million in investments in the country. Its parent company, Hayat Holding, has units in 13 countries.
Hayat is one of 200 Turkish companies currently operating in Egypt. Altogether, they are investing EGP 2 billion ($64 million) locally, according to Atilla Yenigun, Commercial Counselor of the Turkish embassy in Cairo.
Bilateral trade volume between Egypt and Turkey rose by 14 percent to $7.7 billion in 2022, up from $6.7 billion the previous year.
Egypt and Turkey are renewing relations after years of diplomatic tension.