Turks remove adverse impact of downgraded Egypt ties

CAIRO - Anadolu Agency

Turkish investments will remain in Egypt, says a sector professional. AFP Photo

The Turkish-Egyptian Businessmen’s Association (TUMIAD) has ruled out any negative impact following a decision by Egypt and Turkey to downgrade their diplomatic relations.

“Turkish investments will remain in Egypt and will not leave as long as the Egyptian government continues to be committed to foreign investments,” TUMIAD president Atilla Ataseven told Anadolu Agency in a telephone interview.

Turkish investments worth $2 billlion

“Turkish investments in Egypt have reached $2 billion, offering job opportunities for 50,000 Egyptians,” he asserted.

“These investments are successful and beneficial for the Egyptian economy,” Ataseven said. He cautioned that any decision against Turkish investments would affect all foreign investments in Egypt.

Egypt on Nov. 23 decided to downgrade diplomatic relations with Turkey, declaring the Turkish ambassador a “persona non-grata.” Later, the Turkish Foreign Ministry announced downgrading diplomatic relations with Egypt to the level of charge d’affaires. Adel al-Lemai, co-head of the Egyptian-Turkish Business Council, also believes that tense relations between both countries will not affect bilateral trade and economic ties.

“Turkish investors will not leave Egypt,” he said.

“The two countries have social, economic and cultural relations that will not be affected by the current crisis,” al-Lemai insisted. “The council’s mission is to separate economics and politics, and we have managed to do that in the past,” he noted.

Relations between Cairo and Ankara have cooled since the Egyptian army’s July 3 ouster of President Mohamed Morsi, a move Turkey describes as a “military coup.”