Egypt, Turkey keen to boost trade to $15 billion over next five years

Egypt’s Minister of Trade and Industry Ahmed Samir, Tuesday August 1, as he began a trip to Turkey announced that the North African country plans to increase the volume of bilateral trade with Turkey. From $10 billion to $15 billion over the next five years. Samir’s visit (August 1-3) is the first for an Egyptian Trade minister in 10 years. Ties between the countries are on the détente after 10 years of cold war.
Samir headed to Ankara at the invitation of his Turkish counterpart Omar Polat. Both will hold discussion on a range of issues including the possibility of utilizing local currencies in bilateral trade in light of the current global issues, “Ahram Online”, reports citing Samir’s department.
The two ministers reportedly also committed to holding a joint committee meeting to expand the scope of the current free trade agreement between their respective countries. Samir and Polat also equally agreed that it is necessary to link together business circles from both countries through common organizations, business forums, and exhibitions held in both countries.
Bilateral trade volume hit $7.7 billion in 2022, a 14 percent increase from $6.7 billion the year before.
On the other hand, Turkish investments in Egypt amount to some $2 billion, while projects implemented by Turkish contractors in the country are valued at $1.2 billion.
Egypt’s exports to Turkey per March data from Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS) revealed in March grew by 32.3 percent last year, reaching $4 billion in 2022 compared to $3 billion in 2021.