Why do Turkish investors are coming to Egypt?

ISTANBUL- Hürriyet

ALK Holding's textile unit is in a bottleneck, wrote Mahmut اalk, the father of اalk Holding Chairman Ahmet اalk in a letter to the Prime Minister Recep Tayyip Erdoًan.
“I gave unpaid leave to 2,000 of my workers. We are working with 500 personnel for the time being... We lose $2 million every month,” اalk said, according to daily Hürriyet yesterday.

“If the problems in the textile sector continue we will have to give unpaid leave to our remaining staff and shut down all of our enterprises. Both high interest rates and low exchange rates as well as uncontrolled thread import [in the country] push us towards a deadlock,” said اalk, the chairman of Anateks, a اalk Holding subsidiary operating in textile sector.

In his letter اalk said that exports would increase five-fold if a textile project spanning the next 15 years is implemented in Turkey, transforming it into the a textile hub of Europe. “Otherwise, Turkey would have to meet its textile needs by purchasing materials at double or triple the cost,” he added.

Workers from Egypt, Morocco:

“The number of Turkish workers may not be sufficient for this sort of production project, therefore we may provide employment opportunities for workers in countries such as Egypt, Morocco, Tunisia,” said اalk. “In the past, we were not even able to produce five-meter long winding sheets. We had to buy it from U.S., “ said اalk, and added, “Since then, we strived to improve the situation. We are now seeking your attention because we do not want to see our investments going to waste and we do not want to take a step back to those tough days,” said اalk, warning that textile would fade away if the sector does not get help through accurate projects.“The content of this letter should not be considered as whining, I am writing for the better of Turkey,” اalk concluded. The letter was sent to the prime minister as well as other related ministers.اalk Holding was the sole bidder with $1.1 billion for Turkey's second-largest media company ATV-Sabah.

Source: TURKISHDAILYNEWS.COM