Turkey Abolishes Tariffs On Egypt’s Exports
Turkey has announced abolishing the tariff on all the Egyptian exports. In addition, the Turkish businessmen voiced their willingness in adjusting the free trade agreement between the two countries to rapidly cancel the tariff on the Turkish products to Egypt, which is supposed to be cancelled in 2020.
Hassan Malek, Founder and Chairman of EBDA, Egyptian Business Development Association, has revealed that the association decided to hold a global economic conference every year. Its start will be with the Asian countries this year. He added that the presidential institution will launch a website to receive the problems as well the economic proposals in the coming period.
The Turkish economy achieved 8.5% growth rate, to become the highest rates across the world, Hassan Malek said; emphasizing that the Turkish tourism globally ranks 10th, as it hit $ 30 billion annual revenue and 30 million tourists. Moreover, the banking sector assisted in boosting the exports volume and decreasing the inflation rate from 60% to 10%.
The Chairman of EBDA underscored the necessity of utilizing this experience for the interest of Egypt’s national economy; referring to some mechanisms will be set through using Turkish experiences to support the Egyptian economy.
In the same context, Zaki Ekinci, Chairman of Turkish-Egyptian Businessmen Association (TUMİAD), said the forthcoming period will witness an increase in the Turkish investments volume in Egypt, according to instructions between the Egyptian presidential institutions and the Turkish cabinet.
Some 205 Turkish companies, Ekinci added, operate in Egypt and hire 150.000 Egyptian workers; referring that Egypt supported Egypt aftermath the revolution, due to the joint history between the two countries, through focusing on boosting the investments’ volume and providing more job opportunities.
Ekinci expected that the trade exchange volume between the two countries increase to $ 10 billion in the coming period.
For his part, the Turkish Ambassador to Cairo said the relations between the two countries are strong and his country will support Egypt during the transitional period till the two countries become two economic powers in the region. And, for the first time the volume of trade between the two countries reach $ 5 billion.
