04.09.2024 00:40
Egyptian President Abdel Fattah el-Sisi is expected to sign 20 agreements in various fields, from defense to energy, during his first visit to Turkey today. The aim is to increase the trade volume between the two countries to 15 billion dollars.
During the visit of Egyptian President Abdel Fattah el-Sisi to Turkey, it is expected that the two countries will sign agreements in various fields, from defense to energy, while aiming to increase the trade volume between the two countries to 15 billion dollars.
EGYPTIAN PRESIDENT SISI IS COMING TO TURKEY
Egyptian President Sisi will make an official visit to Turkey today. Within the scope of the visit, it is planned to discuss the recent attacks on Gaza by Israel, as well as the current state of the trade relations between the two countries and the steps to be taken in this regard.
20 AGREEMENTS WILL BE SIGNED
It is expected that approximately 20 agreements will be signed in the Turkey-Egypt High-Level Strategic Cooperation Council Meeting, which President Recep Tayyip Erdogan will attend with his Egyptian counterpart in Ankara, in the fields of defense, energy, tourism, health, education, and culture. With these agreements, it is aimed to increase the trade volume between the two countries, which currently stands at 10 billion dollars, to 15 billion dollars in the first place.
INCREASING COOPERATION IN THE ENERGY SECTOR
Commercial relations constitute the locomotive of the cooperation between the two countries. In this context, it is expected that the visit will contribute to increasing Turkey's investments in Egypt, which currently exceed 3 billion dollars. The realization of joint projects in the defense sector, in which Egypt has made significant investments, is also on the agenda. In the field of energy, which offers various opportunities for both countries, cooperation is planned to be developed, especially in liquefied natural gas (LNG), nuclear, and renewable energy.
While Egypt ranks 19th with 294 million dollars in Turkey's total foreign direct investment stock of 46.5 billion dollars, it ranks 36th with 45 million dollars in the foreign direct investment stock of approximately 130 billion dollars coming to Turkey from abroad. It is expected that the steps to be taken within the scope of the visit will also contribute to increasing the share of direct investments between the two countries.
3 BILLION DOLLARS OF EXPORTS WERE MADE TO EGYPT LAST YEAR
Turkey made 3 billion dollars of exports to Egypt last year. During this period, imports from Egypt amounted to 3.1 billion dollars, and the foreign trade volume between the two countries reached 6.1 billion dollars. In Turkey's exports to Egypt during this period, the top categories were machinery, mechanical appliances and tools, nuclear reactors, and their components and parts, iron and steel, plastics, and their products. Turkey imported the most plastics and their products, fertilizers, iron, and steel from Egypt during the same period. In the first 7 months of this year, the total value of exports to Egypt was 1 billion 904 million dollars, while the imports from this country were recorded as 1 billion 911 million dollars. During the same period, the trade volume between the two countries was calculated as 3 billion 815 million dollars.
"EGYPT CAN BE TURKEY'S SECOND PRODUCTION BASE, A STRATEGIC COUNTRY"
Mustafa Denizer, Chairman of the Turkey-Egypt Business Council at the Foreign Economic Relations Board (DEIK), said in his evaluation to AA that the relations between the two countries returned to normal about a year ago, and the positive course of the relations gives confidence to the business world. Denizer stated that Turkish investments have been present in Egypt since 2007 and said, "These investments continue to increase every year. Our investments in Egypt have exceeded 3 billion dollars. A new investment of 500 million dollars is expected within the next year. Our employment in Egypt has reached 100,000 people. This is an important figure. Politically, further improvement in relations will provide positive discrimination."
Denizer emphasized that Turkish products attract attention in Egypt with their quality and image and stated that the target of 15 billion dollars in bilateral trade will be achieved. Denizer also pointed out that Egypt is an advantageous country in terms of both energy and labor costs and said, "Egypt can be Turkey's second production base, a strategic country. It is our largest partner in North Africa. It is also one of the countries with the highest trade volume. Moreover, it is still the country where we have a surplus in industrial products, excluding energy."