CAIRO – 4 September 2024: Egypt and Turkey plan to boost their trade ties significantly. An Egyptian official, speaking to Asharq Bloomberg, revealed plans to elevate trade between the two nations by 20 percent to 25 percent in 2025, aiming for a total of around $8 billion, up from $6.6 billion in 2023.
Their joint goal is to soar to a bilateral trade volume of $15 billion annually within the next five years.
The primary traded goods encompass ready-made clothing, fabrics, household appliances, yellow corn, feed, fertilizers, wires, electrical braids, rebar, cars, and soybean oil.
These collaborative efforts to bolster economic ties stem from President Abdel Fatah El-Sisi's recent visit to Turkey, marking the first visit by an Egyptian head of state in over a decade, reciprocating President Recep Tayyip Erdogan's visit in February.
In economic terms, recent data from the Central Agency for Public Mobilization and Statistics (CAPMAS) indicated a decline in Turkish investments in Egypt, dropping to $167.2 million in FY22/23 from $179.9 million in FY21/22, a 7.1 percent decrease.
Moreover, trade figures reveal a 15.7 percent reduction in trade exchange between Egypt and Turkey, falling to $6.6 billion in 2023 from $7.8 billion in 2022, according to CAPMAS reports.
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