CAIRO (Agencies): Minister of Finance, Mohamed Maait, announced that Egypt and Turkey will partner on a free trade agreement aimed at enhancing trade relations and bolstering Egyptian exports to Turkey, during a meeting with his Turkish counterpart, Muhammad Simsek.
Maait expressed Egypt’s intention to attract more Turkish investments, particularly in the industrial sector.
Egypt has set a target to increase bilateral trade volume with Turkey to $15 billion within the next five years, surpassing the previous year’s figure of $10 billion, as stated by Maait.
He highlighted the favorable investment climate in Egypt, which offers various incentives to empower the private sector, including initiatives such as the State Ownership Policy Document, Government IPO Program, and golden license.
Furthermore, Maait emphasized the Egyptian government’s commitment to promoting tourism from Turkey. Efforts are being made to expand tourism groups and programs to attract a larger number of Turkish tourists to Egypt.
Recently, during his participation in the Turkish-Arab Economic Forum held in Istanbul, Maait revealed that Turkey ranks as the sixth largest destination for Egyptian exports, amounting to $3.2 billion. Additionally, Turkey stands as the third largest country from which Egypt imports goods, with a total value of $3 billion.
The finance minister also highlighted Turkey’s significant contribution to Egypt’s economy in 2022, with foreign investments totaling $103.5 million.