2024/09/04

Sisi: Boosting trade with Turkey to $15 billion, investors incentives

President Abdel Fattah El-Sisi confirmed Wednesday that Egypt and Turkey are working to significantly boost their bilateral trade, with the ambitious goal of reaching $15 billion in the coming years. He highlighted the favourable investment climate in Egypt, which has already encouraged Turkish businesses to expand their operations and increase their trade volume. He reiterated Egypt's commitment to providing all necessary support and facilities to Turkish investors.

During the Ankara press conference following his talks with Erdogan, President Sisi said that the past years have witnessed a continuous strengthening of ties between the Egyptian and Turkish peoples. He highlighted the surge in tourism, trade, and investment, with a particular focus on the increasing Turkish investments in Egypt's manufacturing sector.

Highlighting the mutual desire for stronger ties, Sisi expressed satisfaction with the establishment of the Egypt-Turkey High-Level Strategic Cooperation Council. He noted that this platform aims to significantly enhance bilateral relations in areas such as trade, investment, tourism, transportation, and agriculture, building upon the positive momentum from the February visit to Egypt.

The discussions underscored the importance of boosting bilateral trade and expanding the scope of the Egypt-Turkey free trade agreement. The goal is to increase trade exchange to $15 billion in the coming years through enhanced joint investments and maximum facilitation for Turkish businesses. Given Egypt's favourable investment climate, Turkish businesses have successfully expanded their operations, sold products domestically, and exported to international markets.