As relations between Türkiye and Egypt entered a period of reconciliation, developments took place also reflected positively on bilateral economic relations, with Turkish investors are now flocking to the country for business opportunities.
Mustafa Denizr, Chairman of Foreign Economic Relations Council (DEIK) of The Turkish Business Council in Egypt said that Turkish investors have increased their investments significantly in Egypt, with 35 companies currently employs 70 thousand Egyptians, with The total investment amounted to 1.5 billion dollars (28.77 billion TL).
Denizer said that their investment goal for was the state set 500 million dollars for 2023-2024.
In addition, they are also Aim to achieve a trading amount of $20 billion in the long term.
optimization of Bilateral relations come as Foreign Minister Mevlut Cavusoglu recently paid an amount official A visit to Egypt, which marked first Visit by a Turkish foreigner minister to the country in 11 years.
Although the bilateral relations between Türkiye and Egypt have not reached a level complete Stop, they’ve deteriorated because of Political differences after the coup of The country located in North Africa first democratically elected President Mohamed Morsi. in coup after a year in office.
Denizer noted that the duo trade Turnover has always remained at the same level, at around $5 billion, while this is the case also I started to change.
he said that with Increasing energy imports from Egypt trade volume reached 9 billion dollars, with the current Account surplus transferred to Egyptians side.
Explaining that Egypt current duty-free trade agreements allow Freedom of movement of Egyptian goods to South Africa, the European Union countries, America and South America countries. Denizer said: “This attracts Turkish investors along with Low costs in Egypt in work and energy. We see new Investors and companies coming to Egypt for market research in recent months.”
Turkey imports $5.1 billion in total From Egypt, Denizer said: “About $2.7 billion of This is energy. This is followed by plastics, fertilizers and chemical products. Our exports are about 4 billion dollars. the main Chemical, steel, textile, automotive and food sectors. Our companies are investing in Egypt is achieving a great achievement growth with the investments they make year. These investments make up reference for new Upcoming companies.
After the political turmoil in Egypt after the overthrow of Morsi, Ankara maintained that democratically elected The president cannot be deposed by a military The coup was thus criticized of Now President Abdel Fattah El-Sisi and his supporters from the West and some of them of Ankara opponents in Gulf region.
Egyptian government on On the other hand, it urged Türkiye not to do so intervene in a issue that you consider internal affairs. The dispute led to an impasse in bilateral relations for several years.
After years of Amidst the tensions, Türkiye is working to mend the strained relations with Regional powers, including Egypt, the United Arab Emirates, and Saudi Arabia.
