Vestel, Zorlu to establish $70mln home appliances factory in Egypt

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Arab Finance: Turkish home appliances manufacturing companies Vestel and Zorlu are planning to establish a home appliances factory in Egypt in the coming period, with investments exceeding $70 million for the first phase, as per as a statement on August 5th.

The announcement came during the Egyptian Minister of Trade and Industry Ahmed Samir’s visit to Türkiye.

During his visit, Samir met with representatives of the Turkish fastening-components manufacturer Berdan Civata and the carpet and furniture manufacturer Milat Carpet, who expressed their willingness to access the Egyptian market.

Moreover, Türkiye’s state-owned bank Ziraat Bank is considering opening a representative office in Egypt, setting the stage to establish a branch in the country in coordination with the Central Bank of Egypt (CBE), Samir said.