Egyptian Minister of Trade and Industry, Ahmed Samir, has embarked on a visit to Turkey from August 1-3, at the invitation of his Turkish counterpart, Omar Bulat. According to a statement from the ministry, this is the first reciprocal visit by the trade ministers in the past decade.
During the visit, the ministers agreed on a roadmap to strengthen bilateral economic relations. This includes a plan to increase bilateral trade from its current value of $10 billion to $15 billion within the next five years. Additionally, they agreed to convene a meeting of the Joint Committee in the near future to expand the coverage of the existing free trade agreement between the two countries.
Both ministers agreed to establish robust mutual cooperation to provide necessary facilities for investors, aiming to boost reciprocal investments. They also plan to intensify the organization of joint events through business circles in both countries, and encourage companies to participate in business forums and exhibitions organized in both nations.
In light of current global trends, the ministers decided to explore the possibility of using local currencies in bilateral trade in the upcoming period. Moreover, they agreed to hold a meeting within the framework of high-level trade consultations during Minister Omar Bulat’s visit to Egypt, which comes at the invitation of his Egyptian counterpart.
In a related context, the ministers held an expanded meeting attended by representatives of the business community from both countries. This provided an opportunity to share views and assessments on the development of trade and economic relations between Egypt and Turkey.
It’s worth noting that the volume of Turkish investments currently operating in the Egyptian market is $2 billion. Furthermore, the value of projects being executed by Turkish contractors in Egypt amounts to around $1.2 billion.
