Türkiye, Egypt to increase mutual trade

As part of the normalization of relations between Türkiye and Egypt, in addition to the appointment of ambassadors, the two countries 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 told Dünya, 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 $10 billion, 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.

According to the Turkish Institute of Statistics (TÜİK), the supply of goods from Türkiye to Egypt in 2019 amounted to $3.32 billion. In 2020, the figure fell to $2.95 billion. However, then, due to the influence of the mutual steps of the two countries, exports rose to $4. 03.