Egypt identifies 10 sectors for joint investment with Turkey, African countries

CAIRO - 12 October 2023: Minister of Trade and Industry, Ahmed Samir, affirmed the Egyptian government's commitment to enhancing regional trade and investment relations, considering them as pillars of Egypt's economic and industrial policies. He highlighted Egypt's commitment to building strong relationships with Mediterranean neighboring countries and acting as a bridge between them and African nations.

These remarks were made during the minister's participation in the fourth edition of the Turkish-African Economic and Trade Forum held in Istanbul, Turkey.

He also expressed Egypt's readiness to support Turkish companies in exploring opportunities for joint investment projects with Egyptian companies in African countries. This particularly applies to strategic industries beneficial for African economies such as infrastructure, construction, transportation, steel production, electrical devices, textiles, ready-made clothing, agricultural manufacturing, food products, and medical devices.

Minister Samir noted that this forum presents a unique opportunity for representatives of African countries to meet with Turkish counterparts, exchange views and ideas, and establish a new framework for cooperation to strengthen trade and investment relations between Africa and Turkey. It also aims to explore untapped investment opportunities on the continent and open channels for continuous communication and dialogue between both sides.

He emphasized that such initiatives encourage the private sector to play a significant role in enhancing economic cooperation. During his visit to Turkey at the end of August, he met with Turkish officials to underscore the need to enhance trilateral cooperation and launch joint investments with Turkey in various promising sectors across African countries.

The minister stated that bilateral trade between Egypt, Turkey, and African countries reflects Egypt's commitment to economic integration with both parties. The trade exchange rates between Egypt and African countries indicate the country's keenness to strengthen these relations.

He noted that Egypt's exports to African countries amount to approximately $6.2 billion annually, with the most important exports being heavy equipment and paper products.

Minister Samir also underlined that Egypt plays a crucial role in achieving the regional economic integration agenda in Africa. The country is a member of the Common Market for Eastern and Southern Africa (COMESA) and held the presidency during the past year. Additionally, Egypt was one of the first countries to join the African Continental Free Trade Area (AfCFTA), which marks a significant step towards realizing the continental goals set out in the Abuja Treaty for the establishment of an independent and integrated African market.

He invited the Turkish side to take advantage of the available opportunities in Africa. Egypt's unique network of free trade agreements with African partners, including COMESA and the AfCFTA, allows it to serve as a commercial and industrial hub for Turkish exports to Africa.

Minister Samir emphasized the importance of encouraging Turkish companies to increase their industrial investments in the African market and to contribute to supporting African economies by providing more job opportunities for young people and paving the way for achieving the African economic development agenda.

He added that the vast experience of Turkish industrial and investment sectors, along with Africa's vast potential and resources, including the world's largest free trade area under the AfCFTA and a market with a population of 1.2 billion and a total GDP of around $3.3 trillion, are the cornerstones for building a Turkish-African cooperation that leverages the Fourth Industrial Revolution. This cooperation aims to promote prosperity for both Turkish and African people alike.