Türkiye, Egypt seek to boost trade ties

ANKARA

Egyptian Industry and Trade Minister Ahmed Samir Saleh has said Egypt wants to increase cooperation with Türkiye, while Turkish business circles voiced optimism that the bilateral trade volume may rise to $20 billion.

In July, Türkiye and Egypt jointly announced their decision to increase diplomatic representation to the level of ambassadors after 10 years of tension in a move to accomplish the ongoing normalization process and restore ties.

Saleh this week attended the Türkiye-Egypt Round Table Meeting hosted by Rifat Hisarciklıoğlu, the president of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB).

Speaking at the gathering, the Egyptian minister noted that the trade volume between Türkiye and Egypt has reached $10 billion. “We aim to increase the trade and cooperation between the two countries,” he said.

More than 790 Turkish companies have investments worth around $2.5 billion in Egypt, according to Saleh.

Saleh underlined that the two countries want to develop economic relations in the fields of medical and chemical industries, potassium, food, engineering and automotive industries.

The Egyptian government is eager to develop trade relations between Türkiye and Egypt and overcome the difficulties, Saleh said, adding that in this direction Egypt facilitated the Turkish citizens’ obtaining a visa.

For his part, Hisarcıklıoğlu said that Egypt is Türkiye’s largest trading partner in Africa.

“There is a Free Trade Agreement between Türkiye and Egypt. We can increase our bilateral trade to $20 billion in a short time,” he said, welcoming the latest diplomatic initiatives by Ankara and Cairo to improve ties.

There are opportunities for Turkish firms to cooperate with Egyptian companies in third countries, especially in Africa and the Middle East, Hisarcıklıoğlu said.

“We want to expand the scope of our bilateral relations and deepen them further.”

Hisarcıklıoğlu stated that finding solutions to the problems experienced, including work and residence permits, especially for qualified technical personnel, will encourage Turkish business people for new business opportunities and investments.

Saleh also met with the Turkish Industry and Technology Minister Fatih Kacır during his visit to Ankara to discuss cooperation opportunities.