The Egyptian Minister of Trade and Industry Ahmed Samir announced that it was agreed with the Turkish side to increase the volume of trade exchange between the two countries from $10 billion to $15 billion within 5 years.
The Ministry of Trade and Industry stated in a statement today that the minister started a visit to Turkey during the period 1-3 August at the invitation of Ömer Polat, the Turkish Minister of Trade, as the first mutual visit between trade ministers in the past ten years.
The ministry indicated that it was agreed to hold a joint committee meeting in the near future to expand the coverage of the existing free trade agreement between the two countries.
The two ministers agreed to establish solid joint cooperation to provide the necessary facilities for investors with the aim of increasing mutual investments, in addition to intensifying the organization of joint activities through organizations that bring together business circles from both countries.
The ministry noted that, in light of the current global trends, the two ministers decided to discuss the possibility of using local currencies in bilateral trade in the coming period.
They also agreed to hold a meeting within the framework of a high-level trade consultation mechanism during Polat's visit to Egypt in the coming period.
In a related context, the two ministers held an expanded meeting in the presence of representatives of the business community from both countries to convey their views and assessments on the development of trade and economic relations between Egypt and Turkey.
It is worth noting that the volume of Turkish investments operating in the Egyptian market currently amounts to $2 billion, and the value of projects implemented by Turkish contractors in Egypt is about $1.2 billion.
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