Türkiye seeks to boost trade volume with Egypt to $15 bln

CAIRO

Türkiye aims to increase its bilateral trade with Egypt to $15 billion in five years, Trade Minister Ömer Bolat has said.

Bolat was in Egypt last week to hold talks with high-level officials, including Prime Minister Mostafa Madbouly and Trade and Industry Minister Ahmed Samir Saleh.

A delegation of 175 Turkish businesspeople accompanied Bolat during his visit.

Türkiye and Egypt have been working to normalize ties after a decade of strained relations.

Trade volume between the two countries stood at $10 billion at the end of last year, while the combined investments of more than 540 Turkish companies in Egypt have reached around $2.5 billion.

The two countries signed a free trade agreement in 2007, when the bilateral trade volume was $1.2 billion.

Moreover, to date, Turkish contractors have completed projects worth $1.2 billion in Egypt.

Bolat said he discussed commercial and economic relations with Madbouly.

“In this meeting, Egypt, one of the most significant forces in industry and production in their region, expressed its utmost commitment to developing new areas of cooperation between Egypt and Türkiye.”

The support provided by the presidents of both countries and the determined efforts of businesspeople is indicative that in the coming period, the economic and trade relations between the two countries can be further enhanced, Bolat wrote on social media platform X.

At his meeting with Saleh, the minister discussed the expansion of the Free Trade Agreement and cooperation in the fields of industry, customs, logistics, and trade.

Bolat and Saleh participated in the Türkiye-Egypt Round Table Meeting organized by the Foreign Economic Relations Board (DEİK) and the Federation of Egyptian Chambers of Industry, attended by businesspeople from both countries.

At the end of the meeting, the ministers signed a Joint Statement outlining steps towards achieving a trade volume of $15 billion between the two countries.

During his visit to Egypt, Bolat also attended the opening of the International Manufacturing Fair inaugurated by Egypt’s President Abdel Fattah el-Sissi.

At the fair, the minister participated in the Türkiye-Egypt Business Forum organized by the Türkiye Exporters Assembly (TİM) and the Federation of Egyptian Industries.

Egypt is not only Türkiye's gateway to Africa but also one of Türkiye's largest investment partners in Africa, Bolat stressed.

“We will continue to work on strengthening our partnership in Turkish-Egyptian trade relations, adding sectors such as white goods, electronics, automotive and automotive supply industry, textiles, chemicals, health care, banking and software,” he said.