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Egypt and Turkey Agree to Boost Bilateral Trade to $15 Billion in 5 Years

Egypt and Turkey have reached a historic agreement to elevate their bilateral trade volume to an impressive $15 billion within the next five years. The momentous deal was sealed during a high-level meeting between Egyptian Minister of State, Ahmed Samir and his Turkish counterpart, Omer Bolat held in Cairo. The meeting was marked by warm diplomatic gestures, signifying a clear desire from both nations to improve relations and foster economic cooperation. The discussions focused on various aspects of bilateral trade, investment opportunities, and the potential for joint ventures in key sectors. This meeting was held while Samir was on a three-day visit to Turkey.

Samir, in his remarks following the meeting, highlighted the importance of regional economic cooperation in promoting stability and development. He emphasized that the agreement would create a favorable environment for increased investment, boosting job opportunities, and enhancing the overall welfare of the citizens in both countries. Bolat, echoed these sentiments, stressing the historical and cultural ties that bind Egypt and Turkey. He expressed his country’s commitment to building a mutually beneficial economic partnership, and he praised Egypt’s recent economic reforms and growth trajectory as encouraging factors for Turkish investors.

The two leaders outlined a roadmap for achieving the ambitious $15 billion trade target over the next five years. Key elements of the plan include streamlining customs procedures, reducing trade barriers, and enhancing transport and logistics infrastructure to facilitate smoother trade between the two nations. Both sides also identified priority sectors for cooperation, including tourism, energy, agriculture, manufacturing, and technology. By capitalizing on each country’s strengths and resources, they aim to foster a complementary economic relationship that can drive growth and development in the region.

The agreement comes after a series of high-level talks and marks a turning point in Egypt-Turkey relations, which have experienced periods of tension in recent years. The commitment to boost bilateral trade showcases a shared willingness to move beyond differences and focus on shared economic interests. The business communities in both countries expressed enthusiasm for the potential economic opportunities that lie ahead. Many private sector leaders from Egypt and Turkey see this as a chance to expand their market reach, tap into new consumer bases, and collaborate on innovative projects. The agreement is also expected to have a positive impact on the wider region, as it demonstrates the potential for peaceful economic cooperation in the midst of geopolitical challenges.