Egypt, Türkiye mull boosting bilateral trade, investments
Updated 9/8/2024 6:41:00 AM
Arab Finance: Egypt's Minister of Investment and Foreign Trade Hassan El Khatib met with the Turkish Minister of Trade Omar Bolat to mull ways of enhancing bilateral trade and expanding joint investments, as per a statement.
Both ministers expressed a shared commitment to advancing economic cooperation.
Bolat invited El Khatib to Istanbul in November for the second High-Level Trade Consultations Mechanism meeting, which will include a business forum to further strengthen trade and investment relations.
Following recent high-level visits by President Abdel Fattah El-Sisi and President Recep Tayyip Erdogan, the two countries are poised for deeper trade and investment ties.
Trade volume between Egypt and Türkiye reached nearly $7 billion in 2023, with projections to hit $9 billion by year-end and a target of $15 billion in the coming years.
Turkish investments in Egypt are currently around $3 billion.
Egypt is seeking to boost its non-oil trade with Türkiye by 20% to 25% to reach approximately $8 billion in 2025, from $6.3 billion in 2023.
Trade exchange between Egypt and Türkiye fell by 19% in the first half (H1) of 2024 to $3 billion, versus $3.7 billion in H1 2023.
Egypt and Türkiye reaffirmed their commitment to enhancing their bilateral relations and cooperation across various fields during the first High-Level Strategic Cooperation Council meeting, co-chaired by the Presidents of both nations in Ankara on September 4th.
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