Egypt, Turkey aim to boost trade to $15 Billion

BY

Walaa Ali

-

Wed, 14 Feb 2024 - 03:16 GMT

BY

Walaa Ali

Wed, 14 Feb 2024 - 03:16 GMT

Egyptian President Abdel Fattah el-Sisi and

Egyptian President Abdel Fattah el-Sisi and

CAIRO - 14 February 2024: Egyptian President Abdel Fattah el-Sisi has stated that Egypt and Turkey aim to increase bilateral trade to $15 billion within the next few years. He emphasized the state's efforts to promote joint investments and open new avenues for cooperation.

 

During his speech at the Egyptian-Turkish summit in Cairo on Wednesday, el-Sisi expressed his appreciation for Egypt's historical ties with Turkey, noting that Turkey is one of the most important destinations for Egyptian exports.

 

President el-Sisi added, "I would like to welcome the Turkish President on his first visit to Egypt in over 10 years to open a new page between our two countries. I would like to express our pride and appreciation for our historical relationship with Turkey.

 

Trade relations have also witnessed growth during the past period. Egypt is currently Turkey's first trading partner in Africa, and experience has proven the success of joint ventures."

 

The volume of trade exchange between Egypt and Turkey recorded $6.6 billion in 2023, compared to $7.8 billion in 2022, a decline of 15.7 percent, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
 
 
According to CAPMAS, Turkish investments in Egypt amounted to $167.2 million in the Fiscal Year 2022/2023 (FY22/23), marking a 7.1 percent decline compared to the previous FY21/22 when it reached $179.9 million.
 
 
According to the data, Egypt's exports to Turkey totaled $3.8 billion in 2023, representing a decrease of 4.8 percent, compared to the previous year's figure of $4 billion.
 
 
The key commodities exported from Egypt to Turkey in 2023 included fuels and mineral oils valued at $831.6 million, plastics valued at $373.7 million, and fertilizers valued at $357.4 million.
 
 
Furthermore, Egypt's imports from Turkey amounted to $2.8 billion in 2023, indicating a decline of 27 percent, compared to the $3.8 billion recorded in 2022.
 
 
Notable imported commodities from Turkey by Egypt in 2023 included iron and steel valued at $551.2 million, machinery and electrical appliances valued at $640 million, and fuels and mineral oils valued at $169.4 million.
 
 
These data coincided with the visit of Turkish President Recep Tayyip Erdogan to Cairo, where he engaged in extensive discussions with his Egyptian counterpart, President Abdel Fattah El-Sisi.
 

Earlier, President el-Sisi and his wife, First Lady Entissar el-Sisi, welcomed their Turkish counterparts, President Recep Tayyip Erdoğan and his wife, at Cairo Airport.

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