The two countries are working to increase the volume of bilateral trade to $15 billion annually in the next five years.
Egypt aims to increase the volume of trade exchange with Turkey by between 20% and 25% to reach about $8 billion during 2025, compared to $6.6 billion in 2023, according to an Egyptian government official who spoke to Asharq Bloomberg.
The two countries are working to increase the volume of bilateral trade to $15 billion annually in the next five years.
The most prominent items of merchandise trade between the two countries are the sectors of ready-made clothing, fabrics, household appliances, yellow corn, feed, fertilizers, wires, electrical braids, rebar, cars, and soybean oil.
These attempts to enhance investment and trade exchange between Egypt and Turkey came in line with President Abdel Fatah El-Sisi’s visit to Turkey, which is the first by an Egyptian chief of state in 12 years and in reciprocation of that held by President Recep Tayyip Erdogan in February.
Earlier in February, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported that the value of Turkish investments in Egypt recorded $167.2 million during the Fiscal Year 2022/2023 (FY22/23), compared to $179.9 million during FY21/22, a decrease of 7.1%.
According to CAPMAS, the volume of trade exchange between Egypt and Turkey recorded declined by 15.7% to hit $6.6 billion in 2023, compared to $7.8 billion in 2022.
