Economic relations between Egypt and Turkey are witnessing rapid growth, and the two countries are seeking to enhance trade exchange between them to reach the goal of $15 billion within 5 years.
Egyptian Finance Minister Ahmed Kajok said, “There are new horizons for exploiting investment opportunities to strengthen economic relations between Egypt and Turkey, taking into account that Turkish companies in Egypt are achieving a major boom in production and export, and have become among the most important and largest exporters through the Egyptian market.”
The minister pointed out that “trade exchange between the two countries has grown to reach about 8.5 billion dollars last year, explaining that Egypt is Turkey’s largest trading partner in Africa, and is looking forward to increasing the exports of Turkish companies operating in Egypt to European and international markets.”
He pointed out “the importance of strengthening partnerships between the Egyptian and Turkish private sectors; To achieve the goals of sustainable development, he noted the work on tax reforms and facilitations that build bridges of trust, partnership and support with the business community.
He added that the first package of these facilities has already been announced, explaining that Egypt aims to issue the “Tax Policies 2030” strategy before the end of the current fiscal quarter to enhance tax certainty. This makes investors more able to plan well for their future projects.”
Egypt and Turkey signed 17 cooperation agreements during President Abdel Fattah El-Sisi’s visit to Ankara and his meeting with Turkish President Recep Tayyip Erdogan, covering wide areas.
The Egyptian and Turkish presidents agreed to increase the volume of bilateral trade to $15 billion, by strengthening economic and trade relations between the two countries and investing in the available capabilities, according to what was stated in the joint declaration of the first meeting of the high-level strategic cooperation council between the two countries.
Türkiye seeks to establish two industrial zones in Egypt, and to establish 1,000 factories in the coming years.
Last updated: October 20, 2024 – 15:32
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