Türkiye and Egypt are ramping up economic and business cooperation, targeting a $15 billion trade volume, following a series of high-level diplomatic engagements and agreements across multiple sectors.
Strengthening Bilateral Relations
Turkish President Recep Tayyip Erdoğan and Egyptian President Abdel Fattah el-Sisi exchanged visits last year, fostering closer economic collaboration. These meetings led to agreements in education, transportation, agriculture, industry, energy, and health, reinforcing trade and investment momentum.
As part of this push, Turkish business delegations are actively exploring new opportunities in Egypt, with visits planned throughout 2024. Currently, a general trade delegation is holding meetings in Egypt, set to conclude on Thursday, while a Turkish automotive delegation will visit Cairo from Feb. 3-7 to discuss partnerships with Egyptian auto importers, wholesalers, and distributors.
Trade Volume on the Rise
Türkiye-Egypt trade volume saw fluctuations in recent years:
- 2022: $7.1 billion
- 2023: $7 billion
- 2024: $8.6 billion, fueled by renewed business engagement
Both countries are working toward a $15 billion trade target, with $20 billion as a longer-term goal, contingent on sustained industrial exports from both sides.
Turkish Investments in Egypt Surge
Mustafa Denizer, President of the Turkish-Egyptian Business Council at DEIK, reported that Turkish investments in Egypt have reached $3.5 billion, with an additional $500 million planned for 2025 and 2026. Key investment sectors include:
- Textile and apparel (Egypt’s expanding production capacity)
- Kitchen appliances
- Tourism and retail
- Plastics industry
These investments support 100,000 jobs in Egypt, reflecting the strong industrial ties between the two nations.
Expanding Trade and Industrial Cooperation
Osman Evren Arikan, Egypt Country Representative at the World Turkish Business Council (DTIK), emphasized that Türkiye sees Egypt as a market, production hub, and gateway to Africa. He suggested that Turkish businesses should expand local production in Egypt to gain a competitive edge.
Meanwhile, Adel El-Lamei, co-chairman of the Egyptian-Turkish Business Council, predicted that 2025 could be a golden year for economic and trade relations. He highlighted that:
- Mutual investments are increasing, particularly in textiles, apparel, and metals.
- Türkiye’s competitive pricing gives it a strong edge in the Egyptian market.
- Joint cultural and economic projects in 2024 could further solidify ties.
Looking Ahead: Economic Milestones in 2024
As Türkiye and Egypt celebrate 100 years of diplomatic relations, business leaders anticipate expanded trade partnerships and greater investment flows. The easing of Egypt’s foreign currency challenges is expected to encourage more Egyptian business delegations to Türkiye, fostering stronger bilateral commerce.
With increasing trade missions, investment forums, and industrial collaboration, Türkiye and Egypt appear well-positioned to achieve their ambitious $15 billion trade target in the near future.