Cairo: Egypt and Trkiye have reached an agreement to collaborate in boosting bilateral trade and increasing Turkish investments, with the aim of achieving mutual benefits, Egyptian President Abdel Fattah al-Sisi announced during the closing session of the Trkiye-Egypt Business Forum held in Cairo. This event saw the participation of Turkish President Recep Tayyip Erdogan, along with senior officials and business leaders from both nations.
According to Anadolu Agency, President Sisi expressed his appreciation for the business communities of both countries, noting their success in recent years in driving economic and trade cooperation. He highlighted the strong foundations for economic integration, citing geographic and cultural proximity, political will, and the business community's determination as factors that have led to unprecedented levels of trade and investment cooperation between Egypt and Trkiye.
President Sisi reported that bilateral trade between the two countries has reached approximately $9 billion, with aspirations to increase it to $15 billion or more. This would position Egypt as Trkiye's leading trading partner in Africa, while Trkiye is already one of the top destinations for Egyptian exports. Turkish investments in Egypt have surpassed $4 billion.
As the two countries mark 100 years of diplomatic relations, President Sisi emphasized a broad consensus with President Erdogan that the full potential of cooperation has not yet been fully realized. Both leaders agreed to intensify efforts to expand their trade volume and attract more Turkish investments. Sisi also noted the significant contribution of Turkish investors to Egypt's ready-made garments and textiles sector.
On the domestic front, President Sisi highlighted Egypt's ongoing economic reform program in collaboration with the International Monetary Fund, which has led to improvements in fiscal and monetary indicators. Economic growth reached 5.3% in the first quarter of fiscal year 2025-2026, with private sector investments comprising about 66% of total investments.
Furthermore, President Sisi outlined Egypt's efforts to develop infrastructure since 2014, with investments exceeding $550 billion. These funds have been used to upgrade road networks, develop energy and water sectors, and build smart cities. He also emphasized Egypt's ambition to become a global logistics hub through the development of commercial ports such as Alexandria Port, Ain Sokhna Port on the Red Sea, and East Port Said, which he noted is among the world's most efficient ports.