Turkish President Recep Tayyip Erdogan highlighted that economic cooperation and trade are central to Egyptian-Turkish relations.
At a joint news conference with visiting Egypt’s Abdel Fattah El-Sisi, Erdogan announced that the two countries aim to bring up annual trade in the coming years to $15 billion.
El-Sisi who noted that trade volume reached $6.6 billion in 2023, emphasized efforts to expand the free trade agreement between the two countries. He also praised the growth in reciprocal investments, which include $3 billion worth of Turkish investments in Egypt, and the increase in tourist exchanges between the two nations.
The visit was marked by the signing of 17 memoranda of understanding (MoUs), including two MoUs between Turkey’s Polaris and Egypt’s Ministry of Industry and Trade to develop industrial parks in the New Capital and 6th of October City. Additional agreements covered a range of sectors including higher education, scientific research, railways, civil aviation, ICT, agricultural technology, healthcare, pharmaceuticals, SME funding, tourism, energy, labor, environmental protection, and urban development.
MoUs were also signed between the foreign and finance ministries, and competition protection authorities of both countries.
2025 will mark the 100th anniversary of diplomatic relations between Egypt and Turkey.