Turkey Targets $500 Million Investments in Egypt as Diplomatic Relations Improve

An official from Turkey has forecasted that the country's investments in Egypt will reach $500 million during the period of 2023-2024. This statement was made by Mustafa Denizer, the head of the Turkish-Egyptian Business Council at the Turkish Foreign Economic Relations Board, in an interview with the official Anadolu Agency, following the exchange of ambassadors between the two countries after years of strained relations between Cairo and Ankara.

According to Denizer, Turkish investments in Egypt since 2007 have reached $1.5 billion. He also clarified that there are between 15 and 20 significant Turkish investment projects in Egypt, particularly in textiles and clothing.

"In addition to this, we expect to make new investments in the coming period in the retail, energy, home appliances, and transportation sectors. The volume of investment is expected to reach $500 million in the period of 2023-2024," Denizer stated.

He also confirmed that "Turkish products have great interest in Egypt and are prioritized in the market in terms of quality and overall perception."

Denizer went on to say: "Our trade activities will increase, and investment opportunities will open up if there are positive dealings in terms of facilitating payments through the central bank and customs transactions for Turkish products with improved relations."

Earlier today, Ankara announced the nomination of Salih Mutlu Sen as its ambassador to Cairo, while Egypt nominated Amr El-Hamamy as its ambassador to Ankara, according to a joint statement issued by the foreign ministries of both countries.