2024/07/26

Kouchouk: Working towards $15 billion trade target

Ahmed Kouchouk, Minister of Finance, affirmed the Egyptian government's commitment to bolstering bilateral economic ties with Turkey. This effort aims to generate mutual benefits and contribute to the broader economic integration of the Mediterranean and Middle East regions.

He emphasized the critical role of bilateral cooperation in tackling shared climate and sustainability challenges. He further proposed joint initiatives to bolster environmental protection and advance sustainable development goals.

On the sidelines of the G20 meetings in Brazil, Kouchouk discussed bilateral issues with Mehmet Simsek, Turkish Minister of Finance. Kouchouk said that Egypt is keen on joint work to consolidate the bonds of bilateral cooperation, taking into account the optimal exploitation of promising economic opportunities in expanding the scope of trade and investment between Egypt and Turkey.

He emphasized the Egyptian eagerness to strengthen cooperation with the Turkish side in economic and financial policies. He proposed regular summits between the ministers of the two countries to exchange experiences in addressing global and regional challenges. This approach would also facilitate alignment of shared visions and positions on international cooperation, particularly in reforming the global financial architecture.

The Minister stressed that Turkey is one of Egypt's most important trading partners. The goal is to expand bilateral trade to $15 billion in the coming years, particularly given our promising projects in infrastructure, energy, and technology that attract Turkish significant investment.

Kouchouk added that we aim to empower the private sector as the primary driver of sustainable growth by increasing its contribution to economic and development activities. To achieve this, we are committed to creating a business-friendly environment and fostering trust between investors and the Tax Authority. By improving tax compliance and formalizing the informal economy, we can build a strong foundation for sustained economic growth.