logo
Egypt to Enhance Cooperation with Türkiye in Transport Sector

Egypt to Enhance Cooperation with Türkiye in Transport Sector

Asharq Al-Awsat21 hours ago

Egypt hopes to strengthen its partnerships with Türkiye across maritime, land, rail, and air transport to establish efficient trade and navigation corridors linking Asia, Africa, and Europe, thereby facilitating the movement of goods and people.
Egyptian Deputy Prime Minister for Industrial Development and Industry and Transport Minister, Kamel el Wazir, affirmed on Saturday that Egyptian-Turkish cooperation can play a pivotal role in advancing development across Africa.
'This can be achieved via joint projects such as port development, the establishment of cross-border railway lines and the launch of new logistics corridors to boost intra-African trade and open new markets for the continent's products,' Wazir said.
Speaking at the 2025 Global Connectivity in Transport Forum held in Istanbul, the Minister said, 'Egypt is working to realize a leap in its transportation sector through a national strategy aiming to have smart and sustainable transport, boost infrastructure, and promote regional-international connectivity.'
Egypt is considered Türkiye's number one trading partner in Africa. Turkish Ambassador to Egypt Salih Mutlu Sen earlier said the volume of new Turkish investments in the Egyptian market reached $500 million this year.
Head of the Egyptian-Turkish Business Council Adel el-Lami said strategic relations between both countries are moving at a stronger pace than they were before 2013 with the increase of Turkish investments in various fields in Egypt, offering more than 180,000 direct and indirect job opportunities.
El-Lami told Asharq Al-Awsat that part of the cooperation mechanisms is related to the implementation of strategic partnerships in maritime transport through increasing the number of containers on shipping lines that connect the two countries and pass through the Suez Canal.
Also, cooperation between both countries is linked to enhancing agreements in several sectors at the governmental and private levels.
'Both countries need to work on removing remaining barriers to trade to further enhance economic cooperation,' he said.
During the visit of Egyptian President Abdel Fattah al-Sisi to Türkiye last September, the two countries signed several agreements to boost commercial ties and cooperate on several sectors.
'There are multiple areas of partnership in the field of maritime transportation between Egypt and Türkiye,' said Professor Mohammed Ali Ibrahim, Director of the School of Transportation and Logistics at the University of Istanbul.
Ibrahim told Asharq Al-Awsat that Egypt can gradually transform into a 'transit' for Turkish trade heading to the African market.
'This lines with the Egyptian plan to transform the country into a regional export hub,' he said.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

GCC praises Qatari, US efforts in Rwanda, DRC peace deal
GCC praises Qatari, US efforts in Rwanda, DRC peace deal

Arab News

time12 hours ago

  • Arab News

GCC praises Qatari, US efforts in Rwanda, DRC peace deal

LONDON: Jasem Mohamed Albudaiwi, secretary-general of the Gulf Cooperation Council, praised Qatar and the US for their mediation efforts that led to the signing of the peace agreement between Rwanda and the Democratic Republic of the Congo. Albudaiwi hoped the agreement would reduce tensions and contribute to security and stability, fostering regional prosperity and international peace. Since 2021, fighting between armed groups has intensified in the mineral-rich eastern DRC, which has vast reserves of cobalt, coltan, lithium, tin and gold. The peace agreement between the two countries raises hopes for an end to the fighting that has killed thousands and displaced hundreds of thousands of others, he said. Albudaiwi added that Qatar's role in driving the agreement shows a growing involvement of GCC countries in supporting peaceful solutions and promoting security and stability in various regions worldwide. The GCC is committed to diplomacy and dialogue to address crises and achieve sustainable development, he said.

Nvidia Insiders Sold over $1 billion in Stock amid Market Surge, FT Reports
Nvidia Insiders Sold over $1 billion in Stock amid Market Surge, FT Reports

Asharq Al-Awsat

time14 hours ago

  • Asharq Al-Awsat

Nvidia Insiders Sold over $1 billion in Stock amid Market Surge, FT Reports

Nvidia insiders sold over $1 billion worth of company stock in the past year, with a notable uptick in recent trading activity as executives capitalize on surging investor interest in artificial intelligence, the Financial Times reported on Sunday. More than $500 million of the share sales took place this month as the California-based chip designer's share price climbed to an all-time high, the report said, according to Reuters. Jensen Huang, Nvidia's chief executive, started selling shares this week for the first time since September, the SEC filing showed. Nvidia's stock hit a record on Wednesday, and the chipmaker reclaimed the crown as the world's most valuable company after an analyst said the chipmaker was set to ride a "Golden Wave" of artificial intelligence. Its latest gains reflect the US stock market's return to the "AI trade" that fueled massive gains in chip stocks and related technology companies in recent years on optimism about the emerging technology. Nvidia declined to comment on the FT report. Reuters could not immediately confirm the report. Nvidia's shares have rebounded over 60% from their closing low on April 4, when Wall Street was reeling from President Donald Trump's global tariff announcements. US stocks, including Nvidia, have recovered on expectations the White House will reach trade deals to soften the tariffs.

Egyptian Firms Sign Final Contracts with Chinese Consortium to Build Chemical Plant
Egyptian Firms Sign Final Contracts with Chinese Consortium to Build Chemical Plant

Asharq Al-Awsat

time14 hours ago

  • Asharq Al-Awsat

Egyptian Firms Sign Final Contracts with Chinese Consortium to Build Chemical Plant

Several Egyptian companies signed on Sunday final contracts with a Chinese consortium comprising China State Engineering Corp and East China Engineering Science and Technology Company to build a phosphoric acid plant in Egypt's New Valley area, Reuters reported. The plant, which has an investment value of $658 million, will have the capacity to produce 250,000 tons of concentrated phosphoric acid in the first phase of the project, Egypt's petroleum ministry said in a statement. Egyptian participants in the project include leading fertilizer producer, Abu Qir Fertilizers, state-owned Misr Phosphate and others.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store