Ashraf AboArafe
Turkish Ambassador to Cairo Salih Mutlu Şen held a meeting with Bonysocks, one of the leading Turkish companies in the socks sector, at the embassy headquarters.
During the meeting, Bonysocks said that the company decided to make a strategic investment in Egypt and that the total cost of this investment will reach $ 50 million and will mainly target exports.
Bonysocks said that it made this investment decision in light of Egypt’s infrastructure, ports, road infrastructure, qualified workforce opportunities, and Egypt’s strategic location.
The free trade agreement with America and Europe, as well as the free trade agreement with Turkey, and the QIZ system, were also decisive in this decision.
Ambassador Salih Mutlu Shen drew attention to the rapidly developing relations between Turkey and Egypt, explaining that the Egyptian political authorities, especially President Abdel Fattah El-Sisi and Prime Minister Dr. Mostafa Madbouly, have opened their doors to Turkish investors and provided all necessary support.
In this context, and as an example of the priority that President Abdel Fattah El-Sisi gives to Turkish investors, he pointed out that 5 Turkish businessmen were present at the meeting that President El-Sisi held during the previous period with 22 foreign businessmen.
He said that this shows the extent of the priority that Egypt gives to Turkish investments.
He pointed out that Egypt, under the leadership of President Abdel Fattah El-Sisi, has adopted a strategy for localization and attracting foreign capital to the country, and said that the activities of Turkish investors who will come to Egypt for growth will achieve gains and benefits within the framework of the win-win principle for Turkey and Egypt.
Pony Socks Company also explained that it will employ a large number of qualified Egyptian workers, engineers and manufacturers in its investments in the field of socks.
During the meeting, Ambassador Salih Mutlu Şen confirmed that Bonysocks will receive full support from the embassy in financial and legal matters, and communication has been established between the company and the General Authority for Investment and Free Zones.
The officials of the General Authority for Investment said that they will provide all kinds of support to Bonysocks in all matters.
In conclusion, Ambassador Salih Mutlu Şen stressed that Turkey, within the framework of its developing relations with Egypt, will give priority to industrial and technological cooperation with Egypt. He said that this decision reflects the will of the Turkish government in this direction. He added that they have adopted a strategy for the growth of Egypt and Turkey in harmony.
It is worth noting that Bonysocks has received many awards, including the award for the list of the top 1000 exporting companies in Turkey in the years 2021, 2022 and 2023.
Given the importance that the company attaches to the environment, it strives to reduce carbon emissions by 50 percent by using green energy in its own facilities.
The company produces world-famous brands such as H&M, Next, Carrefour and LCWaikiki.
