The Turkish delegation currently visiting Egypt will meet Minister of Industry and Trade Tarek Kabil to discuss means of boosting trade exchange between both countries, secretary general of the Federation of Egyptian Chambers of Commerce (FEDCOC) Alaa Ezz said.
Ezz added that the delegation pledged to increase Turkish investments in Egypt before 2018 to register $10bn, up from $5bn now.
A Turkish delegation currently visiting Cairo expressed its desire to invest in energy, agriculture, and textiles in Egypt, according to Ahmed El-Wakeel, head of the Federation of Egyptian Chambers of Commerce (FEDCOC) in a speech during the Egyptian-Turkish business forum on Monday.
During the forum, which is being held for the first time since 30 June 2013, El-Wakeel noted that a number of Turkish companies had earlier prepared feasibility studies for the establishment of several projects in Egypt, which were stalled after the 25 January Revolution.
He added that a few Turkish companies are considering reviving a number of projects.
He pointed out that Egypt has once again returned to being the land of most promising investment opportunities following the political stability that has been achieved on the back of the flotation of the Egyptian pound and the loan agreement with the International Monetary Fund (IMF).
El-Wakeel said that Egyptian-Turkish trade exchange registered $3.9bn over the past year, including $1.2bn worth of Egyptian exports to Turkey, versus $2.7bn worth of Turkish exports to Egypt, most of which are included in input requirements for Turkish factories in Egypt.
He added that the Turkish side has the desire to invest in spinning and weaving, as well as the engineering, chemical, and feeding industries.
Rifat Hisarcıklıoğlu, head of the Union of Chambers and Commodity Exchanges of Turkey, urged the need of to isolate political and economic ties between the two countries to expand trade relations in the coming period.
He added that the Egyptian government’s interest in small- and medium-sized enterprises (SMEs) highlights its path to revive the economy.
He noted that Turkish SMEs exports account for 65% of all Turkish exports, valued at $100bn.
He pointed out that the increase in the volume of trade between Egypt and Turkey increased by 15 times since the beginning of the new millennium, as Turkish investments increased 40-fold since 2000, adding that some 60,000 Egyptians are employed in Turkish projects in Egypt.
He explained that when Turkey removed its procedures of trade protectionism, its exports increased from $3bn to $150bn.