Arab Finance: Egypt and Türkiye are seeking to increase bilateral trade to $15 billion by 2028, as the two countries explore measures to strengthen investment ties, remove trade barriers, and expand industrial cooperation, Egyptian Minister of Investment and Foreign Trade Mohamed Farid Saleh said in a meeting with Türkiye’s Minister of Trade Ömer Bolat in Istanbul.

The meeting took place on the sidelines of the 42nd session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC).

Farid reaffirmed Egypt’s commitment to expanding trade with Türkiye, building on the growing economic relationship between the two countries and their shared target of reaching $15 billion in bilateral trade by 2028.

The talks focused on improving the business environment, maximizing the benefits of the existing Free Trade Agreement (FTA), and addressing regulatory and procedural barriers restricting Egyptian exports to the Turkish market.

Both sides also examined mechanisms for reviewing the FTA and follow-up arrangements for the third session of the bilateral high-level trade consultation mechanism, aimed at maintaining coordination between the relevant authorities.

On the investment front, Farid highlighted that Turkish investments in Egypt currently stand at approximately $4 billion, covering a range of economic activities beyond the textile and ready-made garment industries.

He emphasized the Egyptian government’s commitment to supporting Turkish investors, facilitating the expansion of their operations, and resolving challenges in accordance with the bilateral agreement on the promotion and protection of investments.

To support these efforts, Egypt has established a dedicated unit responsible for monitoring Turkish investments and addressing obstacles faced by companies operating in the country.

The ministers also explored opportunities to expand commercial cooperation through specialized trade exhibitions and bilateral business meetings, alongside measures to strengthen maritime transport and logistics connectivity between the two countries.

The two sides also discussed expanding cooperation through specialized trade fairs, business-to-business meetings, stronger maritime and logistics links, and partnerships among transport and shipping companies and logistics zones.

Talks further covered trade and investment financing, improved banking services for exporters and investors, joint manufacturing, and the integration of value chains to enhance the competitiveness of Egyptian and Turkish products in regional and international markets, particularly Europe.