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Erdogan Says Türkiye Wants to Expand Investment, Trade with Egypt
(MENAFN) Turkish President Recep Tayyip Erdogan said Wednesday that closer cooperation with Egypt is contributing to regional stability, and Ankara aims to leverage this partnership to boost investment and trade between the two countries.
Speaking at the Türkiye–Egypt Business Forum closing session in Cairo, Erdogan emphasized that both sides will continue close coordination with Egyptian President Abdel Fattah al-Sisi, aiming to reach a $15 billion bilateral trade volume target.
He highlighted that trade and economic relations were discussed in detail during the High-Level Strategic Cooperation Council Meeting, where agreements were signed to strengthen the contractual framework of relations and expand cooperation across multiple sectors.
“While protectionism and inward-looking policies are rising globally, cooperation is essential for sustainable prosperity. In this challenging environment, I sincerely believe our economies can grow stronger together,” Erdogan said.
Trade relations and investments
Erdogan noted that Egypt is Türkiye’s largest trading partner in Africa, with trade exceeding $8 billion. Türkiye ranks third among Egypt’s top export destinations, accounting for 7.4% of Egypt’s exports, and seventh among Egypt’s import sources, at 3.4%.
He said that the next meeting of the High-Level Trade Consultation Mechanism will be held in Ankara, where officials plan to update the free trade agreement to include agricultural products, with significant progress expected during the 6th Joint Committee Meeting.
Erdogan added that Turkish investments in Egypt, approaching $4 billion, currently support employment for 100,000 Egyptians. Turkish companies are industry leaders with strong export capacity, and contractors have completed 27 projects in Egypt totaling over $1 billion.
The president emphasized that expanded trade and investment cooperation will further contribute to regional stability and prosperity.
Speaking at the Türkiye–Egypt Business Forum closing session in Cairo, Erdogan emphasized that both sides will continue close coordination with Egyptian President Abdel Fattah al-Sisi, aiming to reach a $15 billion bilateral trade volume target.
He highlighted that trade and economic relations were discussed in detail during the High-Level Strategic Cooperation Council Meeting, where agreements were signed to strengthen the contractual framework of relations and expand cooperation across multiple sectors.
“While protectionism and inward-looking policies are rising globally, cooperation is essential for sustainable prosperity. In this challenging environment, I sincerely believe our economies can grow stronger together,” Erdogan said.
Trade relations and investments
Erdogan noted that Egypt is Türkiye’s largest trading partner in Africa, with trade exceeding $8 billion. Türkiye ranks third among Egypt’s top export destinations, accounting for 7.4% of Egypt’s exports, and seventh among Egypt’s import sources, at 3.4%.
He said that the next meeting of the High-Level Trade Consultation Mechanism will be held in Ankara, where officials plan to update the free trade agreement to include agricultural products, with significant progress expected during the 6th Joint Committee Meeting.
Erdogan added that Turkish investments in Egypt, approaching $4 billion, currently support employment for 100,000 Egyptians. Turkish companies are industry leaders with strong export capacity, and contractors have completed 27 projects in Egypt totaling over $1 billion.
The president emphasized that expanded trade and investment cooperation will further contribute to regional stability and prosperity.
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