Egyptian Businessmen Association’s Chairman Hussein Sabour
Cairo – Mohamed Salah
Turkey is now benefitting from the Egyptian Qualifying Industrial Zones, or QIZ, claims the Egyptian Businessmen Association’s Chairman Hussein Sabour. QIZ is a trade agreement between Egypt, Israel and the United States where
duty-free zones are established in Egypt for businesses to prosper.
Sabour said: “Turkey has invested $5 billion in Egypt for the next five years.”
In a statement to Arabstoday, Sabour said: “Turkey is trying to find another market: they are replacing Syria with Egypt. Egypt is a good location to target markets in Africa and Asia. This strategic investment will save the investors 40 percent in tax, as they will be doing business in duty-free areas.”
In a related context, Sabour added:"Turkey and Egypt are working recently to construct two new Ro-Ro lines in order to increase trade and penetrate the African market. The Ro-Ro system (Roll-on roll-off) allows fast shipping between different countries. It will prevent the illegal shipping of Brazilian meat from Sudan, which in turn will lift the trading restrictions between Sudan and Egypt.”Text for story