Egypt, Türkiye set ambitious trade goals after strategic council meeting

Egypt and Türkiye on Wednesday pledged to expand their bilateral trade to $15 billion by 2028, as the two countries sought to deepen economic and strategic ties at the second meeting of their High-Level Strategic Cooperation Council in Cairo.

Co-chaired by President Abdel Fattah El-Sisi of Egypt and President Recep Tayyip Erdogan of Türkiye, the council highlighted the growing momentum in relations between the two regional powers. According to a joint statement, bilateral trade has already risen to more than $9 billion, reflecting a shared political commitment to strengthen their partnership.

The two sides welcomed the signing of memoranda of understanding covering defence, investment, trade, agriculture, health, youth, sports, and social protection. They also emphasised the importance of mutual investment as a driver of sustainable, balanced economic growth and pledged to promote business engagement through trade missions, exhibitions, and investment forums.

Egypt has also established a National Committee to Promote and Monitor Turkish Investments, aimed at streamlining procedures and facilitating new projects, the Egyptian presidency statement said.

Beyond economic issues, the council reaffirmed both countries’ commitment to regional and international coordination on issues including climate change, food security, sustainable development, and international peace and security.

The meeting follows the council’s inaugural session in Ankara in September 2024 and reflects a steady improvement in Cairo-Ankara relations after years of diplomatic strain.

Attribution: Amwal Al Ghad English