Turkish President Recep Tayyip Erdogan has said that cooperation with Egypt is contributing to regional stability, and Ankara wants to use it effectively in investment and trade.
“We will continue close coordination with Egyptian President Abdel Fattah el Sisi in line with our $15 billion bilateral trade volume target,” Erdogan said at the Türkiye–Egypt Business Forum closing session in Cairo.
He underlined that the sides discussed trade and economic relations in detail at the High-Level Strategic Cooperation Council Meeting and signed agreements that will strengthen the basis of relations, expanding the scope in all areas.
“While protectionism and inward-looking policies are increasing in the global economy, cooperation is gaining importance for the sustainability of prosperity. In this increasingly difficult environment, I sincerely believe that our economies can grow stronger together with your support," he said.
Erdogan stated that Egypt is Türkiye's largest trading partner in Africa, exceeding a $8 billion trade volume.
"We are third among the countries to which Egypt exports the most, with a 7.4 percent share, and seventh among the countries from which it imports the most, with a 3.4 percent share.”
Erdogan stated that trade ministers will hold the next meeting of the High-Level Trade Consultation Mechanism in Ankara.
“We are continuing our work to update our free trade agreement to include agricultural products. We aim to make significant progress in this direction with the 6th Joint Committee Meeting, which we hope to hold in Ankara this year," he underlined.
Erdogan added that Türkiye’s investments in different sectors in Egypt, which are approaching $4 billion, currently support employment for 100,000 Egyptians.
He said Turkish companies are industry leaders with high export capacity, adding that contractors have undertaken 27 projects in Egypt totalling more than $1 billion.
He also expressed hope that Turkish firms will take part in the construction of 14 new smart cities planned under Egypt’s Vision 2030.
Erdogan thanked Sisi for his trust in the Turkish business community and support for Turkish companies.
He stressed that combining technology and the standards of Türkiye’s contracting sector with Egypt’s workforce and experience would enable the successful delivery of large-scale projects across Africa and Asia.
