Egypt, Türkiye mull boosting joint trade, investment
Updated 10/29/2023 6:02:00 AM
Arab Finance: Egyptian Prime Minister Mostafa Madbouly met with Turkish Minister of Trade Omer Bolat to discuss ways to further enhance bilateral trade and investment cooperation, according to a cabinet statement on October 28th.
Madbouly expressed Egypt’s keenness to strengthen economic relations with Turkey, noting that the Egyptian private sector is always encouraged to cooperate with its Turkish counterpart.
For his part, Bolat hailed Egypt as Türkiye's largest trade partner in Africa.
The Turkish minister is scheduled to attend a roundtable that convene a number of Egyptian and Turkish businessmen, as part of his country’s plan to expand investment in Egypt.
Also, Bolat met with Egyptian Trade and Industry Minister Ahmed Samir to discuss a number of commercial issues of common interest.
Moreover, Samir revealed that the concerned Egyptian authorities would study the possibility of signing a memorandum of understanding (MoU) with the Turkish party regarding operating a roll-on/roll-off (RORO) shipping line.
The minister also said that the Turkish investments in the Egyptian market exceed $2 billion, highlighting the possibility of increasing these investments.
Furthermore, he added that this would contribute to boosting trade exchange between both countries to range between $10 and $15 billion within the next five years.
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