Turkish İskefe to invest $46 mln in Egypt's leather, gelatine markets

Iskefe's investment will include $40 million to produce gelatine and $6 million to rehabilitate three production units in Robiki Leather City in Cairo, Minister Samir added as quoted in a cabinet statement.

In a meeting with an Iskefe delegation visiting Cairo, Minister Samir reaffirmed Egypt's keenness to welcome and support foreign investors.

For their part, the İskefe's delegation said the company's projects in Egypt aim to meet local demand for leather products and generate an export surplus.

İskefe Holding produces leather, gelatine, and collagen, and owns four factories and a 40 percent share of the Turkish market, according to the cabinet statement.

Normalizing relations

Turkey and Egypt are working towards fully normalizing their relations.

On Monday, President Abdel-Fattah El-Sisi and his Turkish counterpart Recep Tayyip Erdoğan agreed to immediately upgrade diplomatic relations between the two countries and exchange ambassadors.

In 2022, trade exchange between Egypt and Turkey increased by 14 percent, reaching $7.7 billion compared to $6.7 billion the previous year.