Egyptian Trade Minister Ahmed Samir said on Friday that the Turkish KOC Holding group intends to expand its activities in the Egyptian market in the coming period in the sectors of vehicles, medical products and new energy.
A statement issued by the Ministry of Trade and Industry, published by the Egyptian Presidency of the Council of Ministers on its Facebook page, said that Samir, who is currently visiting Türkiye, met with representatives of the group to discuss its future vision to increase investments in the Egyptian market.
The statement quoted the minister as saying that the group seeks to expand in the Egyptian market through the establishment of a factory for auto-feeding industries, and another for pharmaceuticals, in addition to cooperation with the Suez Canal Economic Zone in the field of new and renewable energy and wind energy.
The group also aims to cooperate in the field of yacht marinas as well as oven manufacturing with the Arab Organization for Industrialization, according to the statement.
Representatives of the Turkish Holding Group pointed to the importance of benefiting from Egypt’s position as a commercial and investment hub in Africa, as well as taking advantage of the preferential free trade agreements that Cairo has signed with the countries of the continent.
Meanwhile, Egypt’s sovereign dollar bonds rose on Friday, after an unexpected decision to raise interest rates on Thursday evening.
Longer-dated maturities gained the most, with the 2048 rising by up to 1.4 cents, according to Tradeweb data. Bonds maturing 2040 and beyond gained one cent or more, but the shorter-dated maturities up until 2031 rose between 0.5-0.9 cents.
Egypt’s central bank raised overnight interest rates by 100 basis points on Thursday in a surprise move, saying it sought to contain inflationary pressures and anchor inflation expectations, Reuters reported.