No delays for Turkish companies in Egypt; fears of civil war remain

Turkish businesses with significant investments in Egypt are reporting no delays as a result of the military takeover in the country, but are concerned about uncertainty and fears of a civil war.

No delays for Turkish companies in Egypt; fears of civil war remain

World Bulletin/News Desk

Turkish businesses with significant investments in Egypt are reporting no delays as a result of the military takeover in the country, but are concerned about uncertainty and fears of a civil war.

Turkish businesses' direct investment in Egypt currently exceeds $2 billion, with 260 Turkish companies employing 62,000 Egyptians. The Turkish Economy Ministry has set up a desk to provide temporary solutions to problems related to escalating tensions in the country.

Nurettin Eroğlu, CEO of Eroğlu Holding -- the largest Turkish corporate investor in Egypt -- said the company's 5,000 employees are showing up for work and that its two factories in Egypt are operating as normal.

However, he said, “Tomorrow still remains a question. There were some problems with trucks at ports, but since we are close to the port, it wasn't an issue for us. Our wish is for democracy to continue, with new elections and the prevention of a possible civil war."

He added that businesses have high hopes for Egypt's future, and that a big country like Egypt would overcome the situation.

İsmail Hakkı Kısacık, general coordinator of Taha Holding, which employs 1,700 people in Egypt and operates three factories there, said that the military takeover had very slight impact on the company's business. “We experienced some difficulty in transportation; however, this was because of truck drivers who didn't want to leave their ships due to safety concerns,” he said.

Last Mod: 12 Temmuz 2013, 11:06
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