RIYADH: Egypt and Turkiye have agreed to work toward increasing bilateral trade volume from approximately $9 billion to $15 billion by 2028.
This includes cooperation in exploration and development activities in the hydrocarbons and mining sectors, as well as in transportation and the automotive industry.
This agreement was confirmed by Egyptian President Abdel Fattah El-Sisi and Turkish President Recep Tayyip Erdogan in Cairo during the second meeting of the High-Level Strategic Cooperation Council, co-chaired by the two heads of state.
President El-Sisi emphasized that the agreement seeks to strengthen constructive cooperation between the two countries in the coming period. He directed companies and institutions in Egypt and Turkiye to work towards achieving this goal and explore ways to enhance trade cooperation, currently valued at $9 billion. He noted that Egypt is Turkiye’s leading trading partner in Africa, and that Turkiye ranks among the top destinations for Egyptian exports.
In his remarks, El-Sisi highlighted the importance of working toward increasing trade volume to $15 billion, removing obstacles to achieving this objective, and bolstering investments as well as all aspects of economic cooperation.
For his part, Erdogan said: “We are taking decisive steps toward our goal of increasing the value of trade exchange between the two countries to $15 billion. We are pleased that Turkish companies’ investments in Egypt are approaching $4 billion and contributing to creating more job opportunities.”
Erdoğan further stressed Turkiye’s commitment to establishing “an economic model in which the two countries complement each other, making us stronger in the face of global fluctuations.”
Anticipated Egyptian-Turkish cooperation in energy, transportation
The Turkish president revealed that mutual investment opportunities between the two countries will be discussed during the Egypt-Turkiye Business Forum, adding: “We see opportunities in developing joint projects in the energy and transportation sectors, which are of paramount importance in terms of regional energy security.”
Erdogan highlighted the positive impact of strengthening relations between the two countries on tourism, noting that they have attracted more than 500,000 visitors each, and added: “We hope to double this number in the coming period.”
The Egyptian-Turkish statement also noted the continued “significant potential for enhancing cooperation in areas including the automotive industry, infrastructure development, and tourism.”
It further stated that both countries agreed to cooperate on exploration and development activities in the hydrocarbons and mining sectors in Egypt, including through public institutions, and to exchange expertise in geological activities and modern mining technologies.
Egypt and Turkiye also signed memoranda of understanding in key areas, including cooperation in defense, investment, trade, and agriculture, as well as health, youth and sports, and social protection. They also established a national committee to promote and monitor Turkish investments in Egypt, with the aim of facilitating investment procedures.
The two countries agreed to strengthen cooperation in the electricity and renewable energy sectors within the framework of the MoU signed in September 2024. They also agreed to appoint national contact points to coordinate joint working groups in the fields of conventional energy, renewable energy, green hydrogen, and nuclear energy.
The Egyptian and Turkish presidents met in Cairo on Feb. 4 as part of a regional tour by Erdogan that included Saudi Arabia. This visit marks Erdogan's third trip to Egypt in the past two years.
Turkiye has been the largest importer from Egypt for the past three years, with industrial exports constituting the largest portion of Egypt’s exports to Turkiye, while petroleum exports make up no more than 12 percent of Egypt’s total exports to Turkiye.
