Investment minister describes Egypt-Türkiye trade ties "very robust, balanced"
Date
11/10/2024 4:26:41 AM
(MENAFN) Egypt's trade relations with Türkiye are described as "very robust and balanced," reflecting a strong and healthy economic partnership between the two nations. According to Egyptian Minister of Investment and Foreign Trade, Hassan El-Khatib, the two countries enjoy diversified exports, which serve to further strengthen their trade relationship. In an interview with Anadolu, Khatib emphasized that Türkiye is Egypt's top global export destination, while Egypt stands as one of Türkiye's most significant trade partners in Africa.
Khatib’s visit to Türkiye was aimed at exploring ways to further enhance trade and investment ties between Ankara and Cairo. This trip coincided with the opening of the 40th Ministerial Conference for Trade Ministers of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (OIC). During his visit, Khatib discussed opportunities for increasing bilateral trade and investment, with the goal of expanding cooperation across various sectors.
The bilateral trade volume between Egypt and Türkiye reached USD6.9 billion in 2023, with Egypt’s exports amounting to USD3.6 billion and imports from Türkiye totaling USD3.3 billion. Khatib expressed confidence that the trade volume could reach USD8 billion by the end of 2024, demonstrating the growing economic interdependence between the two countries.
This strengthening of ties comes after significant diplomatic engagements, including a visit by Egyptian President Abdel Fattah al-Sisi to Ankara in September, following a trip by Turkish President Recep Tayyip Erdogan to Cairo earlier in February. During these visits, the two leaders signed 17 new agreements, particularly in the areas of trade and investment, and established the High-level Strategic Cooperation Council, further solidifying the economic cooperation between Egypt and Türkiye.
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