Turkish Companies Moving to Egypt Out of Necessity, Not Profit: Cem Boyner

Turkish industrialist Cem Boyner has stated that the recent wave of Turkish companies relocating production to Egypt is driven by a need for survival rather than a pursuit of higher profits.

“

Nobody is going happily. They are moving their facilities because they can't find another way.

Boyner explained that manufacturers are not making these decisions lightly. "Nobody is going happily," he said. "They are moving their facilities because they can't find another way." He expressed concern that Turkey is at risk of losing its skilled workforce and industrial capacity. "We are accepting unskilled immigration while driving away our skilled people. Industry has also started to flee this process. This was not in the plan. We must re-establish the mathematics of production in these lands."

Despite the trend, Boyner affirmed that his own company, Boyner Grup, remains committed to production in Turkey. "We have turned more inward during this period," he stated. "We continue to produce with our zero-error and zero-leakage policy. We are here and we are permanent."

“

We are accepting unskilled immigration while driving away our skilled people. Industry has also started to flee this process. This was not in the plan. We must re-establish the mathematics of production in these lands.

Boyner elaborated that the move to Egypt is a consequence of "desperation, not choice." He argued that Turkey's economic policies over the last three years have become unsustainable, causing Turkish industry to lose its competitive edge. When the "mathematics of producing in Turkey" no longer add up, industrialists are forced to either abandon their businesses or relocate to geographies where they can still produce and sell.

“

We have turned more inward during this period. We continue to produce with our zero-error and zero-leakage policy. We are here and we are permanent.

He also criticized the current approach to fighting inflation, suggesting that the tools used have become outdated. "We have worn out the same three weapons by using them over and over," Boyner said. "With these weapons, the limit we could reach was around 30 percent, and we got stuck there. Now, we need to increase supply, reduce costs, and enable our industry to invest in production capacity again."

“

Egypt is not a more predictable country than Turkey. Our colleagues going to Egypt are not unintelligent; they are hedging their bets by seeing what's coming.