Turkish investments rise in Egypt as financial relations improve
Date
2/20/2024 4:04:32 AM
(MENAFN) Mustafa Denizer, the head of the Turkish-Egyptian Business Council at the Turkish Foreign Economic Relations Council, revealed that Turkish investments in Egypt have reached a substantial sum of approximately USD3 billion. Speaking to the Turkish Anadolu Agency, Denizer emphasized the significant role these investments play in job creation, with around 70,000 direct job opportunities and an additional 100,000 indirect employment opportunities generated by Turkish investments in Egypt. This influx of investment yields an estimated annual return of USD1.5 billion, underscoring the economic benefits of bilateral cooperation between Turkey and Egypt.
Denizer highlighted the positive trajectory of trade between the two countries, attributing much of the growth to the free trade agreement signed in 2007. Currently, the volume of trade between Turkey and Egypt stands at an impressive USD10 billion, reflecting the increasing economic interdependence between the two nations. Looking ahead, Denizer expressed optimism about the potential for further growth, projecting that trade volume could reach between USD15 to USD20 billion within the next five years.
The recent visit of Turkish President Recep Tayyip Erdogan to Egypt marks a significant milestone in diplomatic relations between the two countries. This visit, the first in 11 years, was extended upon the invitation of Egyptian President Abdel Fattah El-Sisi, signaling a renewed commitment to strengthening bilateral ties and enhancing economic cooperation. During the visit, both leaders affirmed their mutual desire to elevate trade exchange between Turkey and Egypt to USD15 billion in the coming years, underscoring the shared commitment to fostering economic prosperity and mutual benefit.
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