Istanbul: As part of the Egyptian government's efforts to strengthen economic partnerships and attract foreign direct investment, the Egyptian Commercial Service office in Istanbul (ECS) organized a successful visit for Minister of Investment and Foreign Trade Hassan El-Khatib to Istanbul from 3-4 November, 2025. The visit took place on the sidelines of the 41st session of the COMCEC Trade Ministers' Meetings. A meeting was held between the Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib and the Turkish Minister of Trade. The two sides agreed that Egypt will host, on 1-2 December, 2025, the second session of the High-Level Trade Consultation Mechanism at the ministerial level between Egypt and Turkey.
According to State Information Service Egypt, the ECS also arranged a meeting between the minister and the secretary-general of the Developing Eight (D-8) group, in light of Egypt's upcoming hosting of the Fourth Ministerial Meeting of D-8 Trade Ministers in early December. They discussed Egypt's preparations and arrangements for hosting this important event, which is one of the key outcomes of the D-8 Summit held in Egypt last December. In addition, the ECS organized a roundtable meeting for the minister with the Turkish Foreign Economic Relations Board (DEIK). During the meeting, El-Khatib met with Mr. Nail Olpak, Chairman of DEIK, and representatives of about 35 Turkish companies operating in various industrial sectors.
During the discussion, El-Khatib reviewed Egypt's current economic developments and investment attractiveness, and addressed questions and concerns raised by the participating Turkish companies. This included companies which are already investing in Egypt, such as KCG Home Textiles, exporting most of its production from Egypt to IKEA. The minister recently inaugurated KCG's second factory in Egypt, with total investments of around $400 million. Another example is Eroglu Holding, one of the largest Turkish investors in Egypt, operating four factories in Ismailia and Damietta. The company recently expanded with new investments in Qantara West, where the Egyptian Prime Minister inaugurated their new factory.
BEKO, a major Turkish home appliance company, also participated. Its first phase of investments in Egypt amounted to $120 million, and its first factory was inaugurated in September 2024. Within just one year, BEKO has begun exporting from its Egyptian plant to 40 countries, demonstrating the success of Turkish investments in Egypt. Also attending the roundtable were Bony Socks and Alpine, two leading Turkish companies in the socks industry, which have invested around $200 million in Egypt. Bonna, the largest porcelain tableware producer in Turkey, is currently establishing its first factory in Egypt. Polaris Industrial Development, which is developing three industrial zones in Egypt and investing in three more, also participated. Other Turkish companies attending the event expressed interest in transferring part of their investments to Egypt.
The office also organized another roundtable meeting for the Minister at the Istanbul Chamber of Commerce, where he met with the Chamber's Board of Directors and key affiliated entities, salient of which are the Business Development Center (BTM), Turkey's largest business incubator, which has helped establish over 11,000 startups. Also participating was Teknopark Istanbul, Turkey's largest integrated technology and innovation ecosystem, which hosts 500 Turkish and international companies specializing in artificial intelligence and advanced technologies. Its General Manager presented opportunities for cooperation and knowledge transfer with Egypt.
The roundtable also included leading Turkish companies already investing in Egypt or exploring new investments, in sectors such as pharmaceuticals and medical devices, automotive components, textiles and garments, and retail. El-Khatib highlighted Egypt's current economic reforms, its attractiveness to investors, and the Ministry's recent measures to reduce customs clearance times. The Turkish retailer LC Waikiki thanked the Minister for these reforms, noting that they have saved the company $5 million in costs since the new customs clearance procedures were implemented. LC Waikiki operates 45 branches in Egypt, plans to expand to 100 branches, and owns two factories for fabric and apparel production, with plans to establish two additional factories for shoes and socks.
Another meeting was organized between El-Khatib and the Turkish side of the Egyptian-Turkish Joint Business Council, where they discussed recent economic reforms and the companies' expansion plans in Egypt. Dr. Abdel Aziz El-Sherif, First Undersecretary of the Ministry and Head of the Egyptian Commercial Service, stated that Minister Hassan El-Khatib's visit to Turkey reflected the significant momentum in bilateral relations. The two sides agreed to hold the second session of the High-Level Trade Consultation Mechanism in Cairo in early December, after a 15-year hiatus. A virtual coordination meeting between the Egyptian Commercial Service, as the mechanism's secretariat, and its Turkish counterpart will be held next week to prepare for this event.