Egypt targets $8B in non-oil trade with Türkiye by 2025
Updated 9/4/2024 7:36:00 AM
Arab Finance: Egypt is seeking to boost its non-oil trade with Türkiye by 20% to 25% to reach approximately $8 billion in 2025, from $6.3 billion in 2023, a government official told Asharq Business.
This aligns with President Abdel Fattah El-Sisi’s visit to Türkiye, aiming at strengthening bilateral ties.
The visit, which comes six months after the Turkish President Recep Tayyip Erdogan's trip to Cairo, underscores Turkiye’s efforts to enhance relations with Arab nations and secure investments from key countries like the UAE and Saudi Arabia.
The discussions between the two nations are also focused on bolstering cooperation in energy and trade.
Key products in the trade exchange include ready-made garments, fabrics, home appliances, yellow corn, fertilizers, and steel.
Both nations have set a long-term goal to increase bilateral trade to $15 billion annually within the next five years.
Additionally, Egypt aims to attract $1 billion in new Turkish investments over the next 18 months, particularly in sectors such as clothing, home appliances, and electrical goods.
Türkiye remains Egypt’s largest importer over the past three years, with industrial exports leading the trade between the two countries.
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