CAIRO - 1 August 2023: Egypt aspires to develop relations with Turkey and enhance trade relations aiming to increase trade volume to $15 billion over the next five years, according to Minister of Trade and Industry, Ahmed Samir.
This was during Egypt’s trade minister visit to Turkey for the first time in 10 years. Throughout the visit, the minister will discuss with Turkish government officials the development of economic cooperation and the possibility of using the domestic currency of each country.
Turkish investments in the Egyptian market amount to $2 billion and the value of projects implemented by Turkish contractors’ amounts to $1.2 billion.
Throughout the visit, Samir is scheduled to meet up with Turkish ministers of commerce, industry, and technology to discuss further cooperation opportunities between both countries seeking increased trade and joint industrial projects.
In addition, the minister will meet multiple Turkish companies in the fields of manufacturing, household appliances, textiles, energy, heavy industries to seek investment windows in the Egyptian market.
Samir’s visit in Turkey also includes a meeting with Ziraat Bank of Turkey officials and will attend discussion activities organized by Federation of Turkish Chambers and Stock Exchanges to seek possibilities of expanding the business framework of both countries.
The Turkish Minister of Trade, Omar Bolat, will visit Egypt soon to further discuss trade consultation opportunities.
In July 2023, Egyptian-Turkish diplomatic relations were restored for the first time in 10 years, after disturbance due to political reasons including dispute over the case of Libya and natural gas issue. After appointing ambassadors to each other’s capitals, Minister of Foreign Affairs spokesperson, Ahmed Abu Zeid, commented by stating that Egypt and Turkey are looking to bolster their economic and trade ties in the near future.
Be Social
Comments
Leave a Comment