Turkey and Egypt forge a new chapter in trade relations
- Advertisement -
A spokesman for the Turkish Council for Foreign Economic Relations said that the decision of Turkey and Egypt to raise their diplomatic relations to the level of ambassadors will have a positive impact on trade relations between the two countries.
Mustafa Denizr, head of the Turkish-Egyptian Business Council at the Council for Foreign Economic Relations of Turkey, explained that political relations between the two countries have been in a state of apathy for 10 years, noting that mutual positive steps have been taken in the past year and a half.
He pointed out that both sides have appointed ambassadors and said: “In addition to this great news, a new page in relations is opening, and both sides are encouraging mutual investment, as the Turkish authorities wish and encourage Turkish investors, especially large and small ones. , invest again in Egypt.
He noted that the value of Turkish investment in Egypt since 2007 was $1.5 billion, indicating that there are 15 to 20 important Turkish investment projects in Egypt, especially in the field of textiles and clothing.
He said, “Furthermore, new investments are expected in the retail, energy, household appliances and transportation sectors in the coming period, as the investment volume in the period 2023-2024 is expected to reach US$500 million. and we are confident that it will increase.”
He added, “Our mutual trade is around $10 billion and for the first time Egypt has started running a current account surplus from energy and we can increase the trade balance if we manage to introduce Turkish goods to Egypt.” comfortable, and the volume of bilateral trade, consisting mainly of industrial products up to 15-20 billion dollars.
Denizer noted that Turkish products are of great interest in Egypt and have priority in the market in terms of quality and overall appearance.
He added: “Our commercial activity will increase and investment opportunities will open if a positive deal is struck regarding facilitating central bank payments and customs transactions for Turkish goods, as well as improving relations.”
He mentioned that Egypt has duty-free trade agreements with African countries, the United States of America and South American countries, noting that this situation also encourages Turkish investors to head to Egypt.
Denizr explained that Egypt will become Turkey’s most important export and trade partner in the coming period, stating, “We at the Turkish-Egyptian Business Council of the Foreign Economic Relations Council continue our activities to increase trade. relations and intensification of economic ties between the two countries”.
On Tuesday, Ankara appointed Saleh Mutulu Shen as its ambassador to Cairo and Egypt appointed Amr al-Hamami as its ambassador to Ankara in a joint statement released by the two countries’ foreign ministries.
Source: Anatolia