Egyptian president’s visit to Türkiye expected to boost bilateral trade
Egyptian President Abdel Fattah al-Sisi (R) and Turkish President Recep Tayyip Erdogan (L) shaking hands during their meeting in Cairo, Egypt, 14 February 2024. (Turkish Presidential Press Office Handout)
Egypt’s President Abdel Fattah el-Sissi is scheduled to make an official visit to Türkiye tomorrow, during which significant developments in bilateral trade and cooperation across various sectors, including defense and energy, are anticipated.
According to reports compiled by Anadolu Agency, the visit is expected to result in the signing of approximately 20 agreements, with the aim of increasing the trade volume between the two countries from $10 billion to $15 billion.
High-level strategic cooperation council meeting
President Recep Tayyip Erdogan will host President Sisi in Ankara, where the two leaders will participate in the Türkiye-Egypt High-Level Strategic Cooperation Council Meeting.
The meeting’s agenda includes discussions on Israel’s attacks on Gaza, the current state of bilateral trade relations, and steps to enhance cooperation.
Agreements are expected to be signed in sectors such as defense, energy, tourism, healthcare, education, and culture.
Energy sector collaboration between Egypt, Türkiye
Trade relations have been the driving force behind the cooperation between Türkiye and Egypt.
The visit is expected to contribute to Türkiye’s investments in Egypt, which have already surpassed $3 billion. Joint defense projects are also on the table.
Additionally, both countries are looking to expand cooperation in energy, particularly in liquefied natural gas (LNG), nuclear, and renewable energy sectors.
In Türkiye’s total overseas direct investment stock of $46.5 billion, Egypt ranks 19th with $294 million. On the other hand, Egypt ranks 36th among foreign countries investing in Türkiye, with $45 million out of the $130 billion in foreign direct investment. The steps to be taken during the visit are expected to increase the share of both countries in direct investments.
Trade highlights between Egypt, Türkiye
Last year, Türkiye exported $3 billion worth of goods to Egypt, while imports from Egypt amounted to $3.1 billion, resulting in a total trade volume of $6.1 billion.
Türkiye’s primary exports to Egypt included boilers, machinery, mechanical appliances, nuclear reactors and their parts, iron and steel, and plastics.
Meanwhile, Türkiye imported mainly plastics, fertilizers, and iron and steel from Egypt.
In the first seven months of this year, Türkiye’s exports to Egypt reached $1.904 billion, with imports totaling $1.911 billion, bringing the total trade volume to $3.815 billion.
