A photo showing an agricultural tractor. Al-Ahram
The factory will cater to the demands of the Egyptian market and serve as an export hub for foreign markets.
The announcement was made during a meeting between Egypt's Minister of Trade and Industry Ahmed Samir and Bulent Polat, a member of Tumosan's Executive Directors Committee.
Tumosan is committed to investing in various projects in Egypt, Polat said, citing the numerous investment opportunities that align with its areas of expertise in the country.
Polat emphasized the company's desire to transfer and localize advanced Turkish industrial technologies to Egypt and other Islamic nations.
Samir highlighted the favourable investment climate in Egypt, adding that Tumosan will benefit from the current incentives offered to investors, such as tax exemptions and the possibility of a land value refund if the project is completed within 18 months of commencing construction.
Tumosan's diverse portfolio spans multiple sectors, including the manufacturing of agricultural tractors, textiles, sugar, waste management, electric generators, ship engines, and forklifts.
Samir underscored Egypt's competitive advantages, such as its skilled workforce and affordable energy prices.
Moreover, Egypt's strategic location positions it as a gateway for Tumosan's products to access various countries, particularly those with which Egypt has free trade agreements.
Notably, the Qualifying Industrial Zones (QIZ) agreement and the African Continental Free Trade Area (AfCFTA) agreements enable Tumosan to reach markets in Africa and the US.
Samir noted the wide range of investment opportunities available to Tumosan in the Egyptian market, particularly in the sectors of tractors, paper, textile manufacturing, and footwear.
These ventures would enable Tumosan to export its products to regional and global markets, further solidifying its presence and contributing to the growth of Egypt's industrial landscape.
Tumosan produces approximately 45,000 tractors and 75,000 engines annually. It exports its products to 23 countries.
Short link: