This agreement enables Bonny to establish a fully integrated, high-quality textile factory with an estimated $100 million investment. This significant move is expected to strengthen Egypt's position as a regional hub for the textile industry.
The deal received crucial support from the Egyptian
Commercial Office in Istanbul and the General Authority for Investment and Free
Zones (GAFI), marking another success in Egypt's efforts to attract foreign
investment, especially in the vital textile sector, which is a key driver of
exports and job creation.
The signing ceremony saw the attendance of several prominent
figures, including Hossam Heiba, CEO of GAFI, Engineer Ahmed ElSewedy,
President and CEO of ElSewedy Electric, Salih Mutlu Şen, Turkish Ambassador to
Cairo, and Minister Plenipotentiary Alaa El-Bialy, Director of Investment
Affairs at the Commercial Representation Authority. The agreement was
officially signed by Engineer Mohamed El Kammah, CEO of ElSewedy Industrial
Development, and Hassan Glkaya, CEO of Bonny Textile.
Engineer El Kammah emphasized that the agreement reflects
the confidence of international investors in ElSewedy Industrial Development's
comprehensive services and advanced infrastructure within its industrial
cities. These facilities are specifically designed to meet investors' needs and
support their growth and expansion. He added that the "Industria
Tenth" project fosters a stimulating business environment, allowing
investors to focus on core operations and achieve high productivity.
He also highlighted ElSewedy's commitment to continuous
client support through smart solutions, integrated utility networks, and
professional operational services that adhere to the highest international
standards, ensuring the success of its industrial partners in both the Egyptian
and export markets.
Hasan Glkaya expressed pride in partnering with ElSewedy
Industrial Development and choosing Egypt as a strategic investment location.
He noted that the new factory, with its approximately $100 million investment,
will create 2,500 direct and indirect job opportunities. Operations are
expected to commence by the end of 2026, contributing significantly to the
Egyptian economy and boosting exports to European and African markets.
Dr. Abdel Aziz El-Sherif, Head of the Egyptian Commercial
Representation Authority, congratulated ElSewedy Electric, ElSewedy Industrial
Development, and Bonny on their new investments in Egypt. He underscored the
vital role of the Egyptian Commercial Office in Istanbul in facilitating this
agreement through continuous communication with Bonny, providing essential
support and information on Egypt's various investment systems, legislations,
laws, and incentives. The final stages of the agreement were completed during a
promotional mission by ElSewedy to Istanbul last June, coordinated with the
commercial office.
Hossam Heiba stated that the Egyptian government is
dedicated to meeting the growing demand for investment in Egypt, particularly
in the textile and ready-made garments sector. This sector is a government
priority due to its substantial contribution to employment. He also mentioned
ongoing coordination with industrial developers to prepare and equip numerous
industrial zones in 10th of Ramadan, Sadat, Suez, and Minya, to accommodate the
increasing manufacturing needs of incoming investments in the textile and
ready-made garments sector.
Heiba reaffirmed the enduring partnership with private sector entities, including ElSewedy Group, to promote investment activities in Egypt. This collaboration ensures that policies align with investors' needs and adds hundreds of opportunities to Egypt's investment map.