Türkiye and Egypt Reaffirm Commitment to Deepen Economic and Trade Cooperation

Ankara, The Gulf Observer: Türkiye and Egypt have reaffirmed their shared commitment to strengthening economic and trade cooperation during a roundtable meeting held on Wednesday in Ankara.

The meeting was chaired by Rifat Hisarcıklıoğlu, President of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), with Egyptian Foreign Minister Badr Abdelatty and his accompanying delegation in attendance.

At the outset, Minister Abdelatty conveyed condolences for the victims of the C-130 military cargo plane crash near the Georgia–Azerbaijan border. He expressed appreciation for TOBB President Hisarcıklıoğlu’s efforts in maintaining economic dialogue between the two nations, even during politically challenging periods.

“He has managed to keep these relations alive even during the most difficult times, when political challenges existed between our countries. For that, we extend our sincere thanks and respect to him,” Abdelatty said.

Expressing satisfaction at being in Ankara, the Egyptian foreign minister underscored that trade and economic cooperation are vital to bringing the two nations closer together.

“The Egyptian government is keen to provide every possible facilitation,” he stated. “We are also working to ensure the investment climate is fully prepared. We hope that by working together, we can further develop our commercial and investment relations for the prosperity of our countries.”

Abdelatty noted that the two countries aim to raise their bilateral trade volume to $15 billion, up from $8.8 billion in 2024, which he described as progress but “not yet at the desired level.” Recalling Egyptian President Abdel Fattah el-Sisi’s visit to Ankara last year, he said the trade goal was discussed with President Recep Tayyip Erdoğan and deemed achievable given both nations’ strong potential.

“You need us, and we need you. We are your gateway to Africa,” Abdelatty remarked, highlighting Egypt’s large domestic market and free trade agreements with Arab and African nations. “Türkiye, too, is a major and important country. Turkish investments in our country currently amount to around $3 billion, but we expect even more.”

He cited vast opportunities for collaboration in construction, infrastructure, digitalization, food security, and artificial intelligence, and emphasized the growing importance of tourism and healthcare, noting Egypt’s goal of attracting over 18 million tourists this year.

“200 Turkish Companies Operate in Egypt”

In his remarks, TOBB President Rifat Hisarcıklıoğlu described Türkiye and Egypt as two friendly nations “bound by strong cultural and historical ties,” with immense potential for cooperation in industry, trade, energy, tourism, and construction.

“Even during difficult periods in our relations, as representatives of the business world, we have always kept politics and economics separate,” he said, commending the ambassadors of both countries for their active role in strengthening bilateral relations.

Hisarcıklıoğlu noted that Turkish companies have invested around $3 billion in Egypt, with 200 Turkish firms — including 40 large-scale producers — currently operating in the country. “They provide employment, generate exports, and contribute to Egypt’s economy. Turkish companies employ nearly 100,000 Egyptian citizens, and new investments are under consideration,” he said.

He highlighted that Egypt is Türkiye’s largest trading partner in Africa, voicing support for the $15 billion trade target, which he called “realistic and achievable.”

“There are great opportunities in the construction sector,” Hisarcıklıoğlu said. “Forty-five of the world’s 250 largest international contractors are Turkish firms. We would like to take part in Egypt’s expanding infrastructure projects, particularly in railways.”

He also proposed reviving maritime transport routes between the two countries, recalling the Mersin–Alexandria and Iskenderun–Damietta Ro-Ro routes that operated from 2012 to 2015. “Renewing this agreement would make bilateral trade and cooperation in third countries more efficient,” he added.

Both sides concluded the meeting with a shared commitment to deepening economic relations, encouraging mutual investments, and expanding cooperation in key strategic sectors to promote sustainable growth and regional prosperity.