ANKARA: Trkiye and Egypt aim to increase their bilateral trade volume by 50%, from $10 billion to $15 billion. This goal will be a key focus during the Trkiye-Egypt High Level Strategic Cooperation Council meeting on Wednesday, as Turkish President Recep Tayyip Erdogan will host his Egyptian counterpart Abdel Fattah el-Sisi in Ankara. Discussions between the two leaders will include strengthening economic ties, as well as regional issues such as Israel's actions in Gaza. The meeting is expected to result in the signing of around 20 agreements in various fields, including defense, energy, tourism, health, education and culture. Agreements to deepen ties Trade relations have long been a cornerstone of cooperation between Trkiye and Egypt. Sisi's visit is expected to further increase Trkiye's investments in Egypt, which currently exceed $3 billion. In 2022, Turkish exports to Egypt totaled $3 billion, while imports from Egypt were slightly higher at $3.1 billion, bringing the total trade volume to $6.1 bi llion. Major Turkish exports to Egypt include machinery, iron, steel, and plastics, while imports from Egypt are plastics, fertilizers, and iron and steel. Egypt ranks 19th with $294 million in Trkiye's total direct investment stock abroad of $46.5 billion. It ranks 36th with $45 million out of approximately $130 billion in foreign direct investment stock coming into Trkiye from abroad. Joint projects in the defense sector and expanded cooperation in the energy sector, particularly in liquefied natural gas (LNG), nuclear energy, and renewable energy, are also on the agenda. Egypt, 'ideal' partner for Trkiye Mustafa Denizer, chairman of the Trkiye-Egypt Business Council of the Foreign Economic Relations Board (DEIK), said Turkish investments in Egypt have increased since 2007 and now employ 100,000 people. Denizer said Egypt's strategic location and cost advantages in energy and labor make it an ideal partner for Trkiye, potentially serving as its second production base. Noting that Egypt is one of Trki ye's largest trade partners in North Africa, he said the $15 billion trade target is within reach given the positive momentum in political and economic relations between the two nations. Source: Anadolu Agency
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