Turkish socks manufacturing company Bonysocks plans to invest $50mn to build a new factory in Egypt, Al Ahram reported on January 12 citing the Turkish Ambassador in Cairo, Salih Mutlu Şen. 

The new socks facility will primarily target exports. Şen said the investment decision is based on Egypt's strategic location, infrastructure, skilled labour force, and trade agreements with the US, Europe, and Turkey.

The ambassador cited the rapidly improving relations between Turkey and Egypt. He said the Egyptian President Abdel Fattah El-Sisi and PM Mostafa Madbouly are backing Turkish investors in the country. 

Bonysocks will receive the necessary support from the Egyptian General Authority for Investment and Free Zones (GAFI) in financial and legal matters. The company will employ a significant number of Egyptian workers including skilled engineers and manufacturers. 

Bonysocks also said it is committed to sustainability and aims to reduce carbon emissions by 50% through the use of green energy at its facilities. The company produces for globally recognized brands such as H&M, Next, Carrefour, and LC Waikiki.

In September 2024, PM Madbouly inaugurated the first industrial complex of Turkish home appliances manufacturer Beko inside the Tenth of Ramadan city. The investment cost of the project is estimated at $110mn.

Turkish firm Polaris also signed a $210mn agreement to establish two new industrial development projects in Egypt's Sixth of October City and Administrative Capital.

Egypt and Turkey signed 20 agreements last year covering the energy, defence and industrial sectors in a major step that targets boosting bilateral trade by above 50% to reach $15bn annually in the initial phase.

The developments followed Egyptian President El-Sisi first visit to Turkey in more than 12 years, aimed at opening a new chapter of cooperation between the two regional powers and repairing strained relations.