In a historic visit to Cairo, Turkish President Recep Tayyip Erdogan met with Egyptian officials on Wednesday, marking the first visit by a Turkish head of state to Egypt in a decade. This significant event caps a series of diplomatic engagements aimed at normalizing relations between the two nations, highlighted by a handshake between Erdogan and Egyptian President Abdel Fattah el-Sisi during the World Cup inauguration in Qatar in 2022, followed by their meeting at the G20 summit in New Delhi in September last year. The leaders have agreed to enhance bilateral relations, diplomatic ties, and exchange ambassadors, building on discussions held during the Arab-Islamic summit in Saudi Arabia.
The talks between the two presidents covered steps to improve bilateral relations and activate high-level cooperation mechanisms, alongside discussions on current global and regional issues, particularly the Israeli conflict in Gaza.
Erdogan's visit comes at a critical juncture amidst regional crises and global geopolitical and economic shifts. The bilateral trade between Egypt and Turkey saw an unprecedented increase in 2023, reaching $10 billion, a milestone since the activation of their free trade agreement.
Both Cairo and Ankara aim to double this figure to $20 billion over the next five years, exploring the potential use of local currencies in bilateral trade to reduce reliance on the US dollar.
The Turkish Ambassador to Cairo revealed last October that five major Turkish companies are ready to invest in Egypt's textile sector, anticipating more cooperation in the apparel and textile industry due to a trade agreement that facilitates the exchange of products and raw materials. Turkey's high-quality and advanced technology in this sector, coupled with Egypt's diverse energy sources and logistical developments under President el-Sisi, including infrastructure improvements in ports, roads, and railways, are encouraging Turkish firms to pursue new investments in Egypt.
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