9 hours ago
Egypt-Turkey trade exchange approaches $9bln in 2024
Egypt - As part of ongoing efforts to strengthen Turkish investments in Egypt, Minister of Foreign Affairs and Immigration Badr Abdelatty met with a group of Turkish business leaders in Istanbul on the sidelines of the Organisation of Islamic Cooperation's ministerial meeting.
During the meeting, Abdelatty underscored the growing economic ties between Egypt and Turkey, highlighting the significant progress in trade and investment cooperation. He announced that bilateral trade between the two countries reached nearly $9bn in 2024, with Turkey emerging as a key destination for Egyptian exports. Conversely, Egypt has become one of the leading African markets for Turkish goods.
The Minister stressed the need for collaborative efforts from both governments and private sector stakeholders to achieve the target of raising bilateral trade to $15bn—a goal agreed upon by the political leaderships of both countries to deepen economic integration and serve shared interests.
Abdelatty highlighted the importance of the Egypt-Türkiye free trade agreement, in force since 2005, as a key driver of trade growth. He also noted the potential to expand its scope and remove remaining barriers to trade to further enhance economic cooperation.
Welcoming the rising volume of Turkish investments in Egypt, Abdelatty expressed Egypt's commitment to attracting more Turkish capital by leveraging its extensive network of trade agreements and the investor-friendly environment of the Suez Canal Economic Zone.
He also pointed to the incentives and facilities available to foreign investors, affirming the government's resolve to address any challenges facing Turkish businesses. In this context, he cited the recent decision by the Egyptian Prime Minister to establish a dedicated unit to support Turkish investments and ensure smooth business operations in the country.
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