Cairo: Turkish President Recep Tayyip Erdogan stated that cooperation with Egypt is contributing to regional stability and expressed Ankara's intent to leverage this partnership in the areas of investment and trade. Erdogan made these remarks during the closing session of the Trkiye-Egypt Business Forum held in Cairo.
According to Anadolu Agency, Erdogan emphasized the importance of continuing close coordination with Egyptian President Abdel Fattah al-Sisi to achieve a $15 billion bilateral trade volume target. He highlighted that discussions on trade and economic relations took place at the High-Level Strategic Cooperation Council Meeting, resulting in agreements designed to enhance the contractual foundation of relations between the two countries, expanding their scope in various areas.
Erdogan pointed out the significance of cooperation amidst the rising trend of protectionism and inward-looking policies in the global economy, stressing the potential for mutual economic growth with support from both nations. He noted that Egypt stands as Trkiye's largest trading partner in Africa, with a trade volume exceeding $8 billion. Specifically, Trkiye ranks third among Egypt's top export destinations with a 7.4% share and seventh among import sources with a 3.4% share.
Erdogan announced that trade ministers from both countries would convene the next meeting of the High-Level Trade Consultation Mechanism in Ankara. He also mentioned ongoing efforts to update the free trade agreement to include agricultural products, with significant progress anticipated at the upcoming 6th Joint Committee Meeting planned for this year in Ankara.
Highlighting Trkiye's investments in Egypt, which are nearing $4 billion and supporting employment for 100,000 Egyptians, Erdogan described Turkish companies as industry leaders with substantial export capacity. He mentioned that Turkish contractors have executed 27 projects in Egypt, amounting to over $1 billion, and expressed hope for Turkish involvement in constructing 14 new smart cities as part of Egypt's Vision 2030.
Erdogan expressed gratitude to President Sisi for his confidence in the Turkish business community and his support for Turkish enterprises. He also acknowledged Egypt's cooperation in delivering aid to the Gaza Strip and expressed Ankara's desire to collaborate with Cairo on Gaza's reconstruction, lauding Egypt's resilience amidst challenges during Israel's attacks on Gaza.
Erdogan concluded his visit to Cairo and returned to Trkiye aboard the special 'TUR' aircraft.