During the Egyptian-Turkish business forum held on the 30th of January 2017, the visiting Turkish delegation has announced plans to increase Turkish investments in Egypt in the near future.
Secretary General of CEEBA and the Federation of Egyptian Chambers of Commerce (FEDCOC) Dr. Alaa Ezz said that the Turkish delegation has met with H.E. Dr. Tarek Kabil, Minister of Industry and Trade, to discuss means to boost trade exchange between both countries, including plans to increase Turkish investments in Egypt from $5bn to $10bn before 2018. Particularly, investments in the energy, agriculture, engineering and chemical industries in Egypt are targeted, as well as the textiles industry with its spinning and weaving sector. According to Ahmed El-Wakeel, Head of the FEDCOC, Turkish companies are considering to revive a number of projects, which have been stalled since 2011. They have prepared feasibility studies for the establishment of several projects in Egypt. El-Wakeel highlights Egypt’s good investment opportunities following the flotation of the Egyptian pound and the loan agreement with the IMF. He added that Egyptian-Turkish trade exchange registered $3.9bn over the past year, including $1.2bn worth of Egyptian exports to Turkey, versus $2.7bn worth of Turkish exports to Egypt, most of which are included in input requirements for Turkish factories in Egypt. Head of the Union of Chambers and Commodity Exchanges of Turkey, Rifat Hisarcıklıoğlu, urged the need to expand trade relations between the two countries in the coming period. He strengthened the fact that the volume of trade between Egypt and Turkey increased 15 times since the beginning of the new millennium, adding that some 60,000 Egyptians are employed in Turkish projects in Egypt. He concluded that the Egyptian government’s interest in small-and medium-sized enterprises (SMEs) highlights its path to revive the economy since Turkish SMEs exports account for 65% of all Turkish exports, valued at $100bn. He explained that when Turkey removed its procedures of trade protectionism, its exports increased from $3bn to $150bn. http://www.dailynewsegypt.com/2017/01/30/613493/