A Turkish trade official said that Egypt is his country's largest trading partner in Africa, and the volume of trade between.

Turkish-Egyptian invitations to develop mutual ...

Date:

Thursday, February 3, 2022

A Turkish trade official said that Egypt is his country's largest trading partner in Africa, and the volume of trade between.

Turkish-Egyptian invitations to develop mutual investments

A Turkish trade official said that Egypt is his country's largest trading partner in Africa, and the volume of trade between the two countries exceeded $6 billion in 2021.

At a meeting in Ankara, Turkish and Egyptian businessmen called for the development of mutual investments between the two countries.
Businessmen stressed the importance of exchanging investments between companies from both sides.
This came during a meeting held in the Turkish capital, Ankara, on Friday, for a number of Egyptian and Turkish businessmen, in the presence of the President of the Federation of Chambers and Exchanges in Turkey, Rifat Hasarciklioglu, and the President of the General Federation of Chambers of Commerce in Egypt Ibrahim El-Araby.

According to Anadolu Agency, during the meeting, Hasarcıklıoğlu said that the dialogue that started between the two countries made the business world happy, stressing that they are ready to do their best to contribute at this stage.

He explained that they are always trying to separate politics and the economy, and said, "We, as Turkish investors, have not stopped our investments in Egypt at all. Turkish companies have investments of more than $2 billion in Egypt."

He continued, "Only during the year 2021, Turkish companies invested an additional 250 million dollars in Egypt. I am pleased to follow meetings between Turkish and Egyptian companies for additional investments."

The head of the Turkish Federation indicated that 200 Turkish companies, 40 of which are large, produce in Egypt and provide additional job opportunities and export.

He revealed that Turkish companies provide job opportunities for about 75,000 Egyptian citizens, while pointing out that there is a free trade agreement between Turkey and Egypt.

Hasarciklioglu explained that with the contribution of the aforementioned agreement, Egypt is Turkey's largest trading partner in Africa, noting that the volume of trade between the two countries exceeded $6 billion during the past year and increased by 35 percent compared to 2020.

And he added, "Our contractors have completed 26 projects such as the airport and similar projects worth $900 million in Egypt, and we want to participate in infrastructure projects in the field of transportation, especially railways."

He continued, "We believe that we have opportunities to cooperate with Egyptian companies in the field of contracting and other fields in third countries, especially in Africa and the Middle East."

He added, "We want to expand and deepen our bilateral relations, and I invite Egyptian companies to invest in Turkey. As the Federation of Chambers and Exchanges in Turkey, we are ready to support improving relations."

He stated that the "Ro-Ro" flights agreement between Mersin-Alexandria and Iskenderun-Damietta, between 2012-2015, was facilitating bilateral trade and carrying out joint business in third countries, stressing that the renewal of the agreement would benefit Turkey and Egypt.

The head of the Turkish Federation invited Egyptian companies to establish investments in Turkey.

For his part, Ibrahim El-Araby, head of the General Federation of Chambers of Commerce in Egypt, called for mutual investment, pointing out the importance of opening new investment opportunities for them.

Al-Araby called on Egyptian companies to establish investments in Turkey, considering that mutual cooperation will lead to opening investment opportunities and new areas that will enable them to open up to Africa, the Arab world, America and Europe, noting that the more investments increase, the fields of cooperation will diversify.

He said, "If we go to areas of cooperation between the two countries, we will have the possibility to export goods without customs. There may be problems facing Turkish companies in Egypt. We, as a union, are doing our best to help them."

And he indicated that they will move to the new building of the Union soon, calling Hassarciklioglu accompanied by a delegation of businessmen and representatives of different sectors to attend the opening ceremony of the building, while indicating the possibility of organizing a large conference at the headquarters of the Union with Turkish investors to discuss the future of business.

It is noteworthy that last September, Egypt and Turkey agreed on the need to take additional measures and steps to facilitate the normalization of bilateral relations between the two sides.

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