Türkiye, Egypt keen to raise trade turnover to $20 billion

Türkiye and Egypt, as part of the normalization of ties, in addition to the appointment of ambassadors,  are discussing the possibility of increasing bilateral trade, which could reach $20 billion.

Chairman of the Turkish-Egyptian Business Council of the Commission on Foreign Economic Relations of Türkiye (DEIK) Mustafa Denizer made the statement in an interview with Dünya Gazetesi, Report informs.

“If we ensure a comfortable import of Turkish goods to Egypt, we will be able to further increase the trade balance. Bilateral trade in the amount of ten billion dollars, consisting mainly of industrial products, can reach $15-20 billion,” Denizer said.

According to him, in the next few years, investments in the retail, energy, household appliances, and transport sectors may grow. Therefore, relations between the two countries, which have been stagnant for the past 10 years, began to change. At the same time, mutual positive steps have been taken over the past year and a half.

The Turkish Institute of Statistics (TÜİK) said the supply of goods from Türkiye to Egypt in 2019 amounted to $3.32 billion. Already in 2020, the figure fell to $2.95 billion. However, due to the influence of the mutual steps of the two countries, exports rose to $4.03.