Bonny Socks Discuss Establishing a New Textile Factory

Bonny Socks Discuss Establishing a New Textile Factory

Engineer Hassan El-Khatib, Minister of Investment and Foreign Trade, met with a delegation from the Turkish company Bonny Socks, which specializes in textile production. The delegation included Mr. Hasan Gülkaya, Chief Executive Officer of the company, and Mr. Selim Gülmen, Member of the Board of Directors. The meeting focused on exploring investment opportunities in Egypt and discussing the potential establishment of a new Bonny Socks manufacturing facility in the Egyptian market within the textile sector, aimed at serving both the local market and export markets. During the meeting, the Turkish company outlined its plan to establish a project in Egypt that includes a socks manufacturing plant covering an area of 75,000 square meters, with an additional 45,000 square meters allocated for future expansion. The factory is expected to accommodate 2,000 to 3,000 knitting machines in its initial phase, with the possibility of expansion to reach 4,000 machines, ensuring the capacity to meet local demand and export requirements. In its first phase, the factory will primarily target the European market, with expected exports valued at approximately USD 80 million. A portion of the production will also be allocated to the Egyptian market and to meet the needs of the company’s major European clients. The planned investment volume for establishing the factory, developing its infrastructure, and equipping it with operational facilities is estimated at USD 70 million. The Minister emphasized that Egypt offers a competitive and attractive investment environment, supported by advanced infrastructure, including modern road networks, railway stations, and metro and monorail projects, which facilitate production and distribution processes. He reaffirmed the Ministry’s commitment to providing all necessary support and incentives to investors to ensure project success, achieve sustainable returns, and create new job opportunities. El-Khatib highlighted the importance of strengthening cooperation with Turkish companies, particularly in light of the significant growth witnessed in Egypt’s textile industry. He noted that the Egyptian market offers substantial growth opportunities, especially given its strong potential for exporting products to European and American markets. The Minister also pointed to the extensive government support provided to investment projects throughout all implementation stages, from planning to full-scale production, stressing the Ministry’s readiness to offer all forms of assistance to facilitate and accelerate project establishment procedures. He further noted that the targeted project represents a strategic step for Bonny Socks to expand its brand internationally, particularly in view of the company’s plan to gradually increase production capacity and establish an integrated infrastructure, contributing to the transfer of expertise and technology from Turkey to Egypt. For his part, Mr. Hasan Gülkaya, CEO of Bonny Socks, affirmed the company’s commitment to launching a world-class manufacturing facility in Egypt. He stated that the company has a clear plan to expand its operations locally and regionally, with the potential to target the U.S. market after production begins. He also noted that Bonny Socks has extensive experience in managing large-scale factories in Turkey, and that its future investment plans include establishing retail outlets in Egypt, while ensuring that production complies with international standards required by the company’s key clients.