Türkiye’s Ambassador to Egypt, Salih Mutlu Şen, has cited trade and economic co-operation as the cornerstone of the solid ties between the two nations.
Addressing a recent annual consultative meeting with major Turkish companies operating in Egypt, Şen underscored that Türkiye is Egypt’s leading partner in foreign trade, referring to the rising mutual investments.
Ambassador Şen adopted an optimistic economic outlook, saying he expects bilateral trade to soar to $15 billion over the next five years, and to hit $20 billion over a decade.
The envoy’s remarks came at the backdrop of high-profile diplomatic visits by President Recep Tayyip Erdogan to Cairo in February, and President Abdel Fattah el-Sisi’s visit to Ankara in September.
“These visits reflect a shared commitment to bolstering bilateral investments,” he said.
The latest meeting was attended by businessmen and senior executives from around 50 Turkish companies eager to explore, and expand ventures in Egypt.
Over 100 Turkish companies have sought guidance from the Turkish embassy’s Commercial Attaché Office last year on the investment climate in Egypt, Şen noted.
The outcome was encouraging, as several companies have started taking steps to launch operations in the country, or are in the process of doing so, thanks to the favourable investment environment here, such as competitive energy costs and skilled labour.
President Sisi’s ambitious Egypt Vision 2030, focusing on infrastructure development, has notably enhanced Egypt’s transport and industrial capabilities, among several other achievements.
“These improvements offer lucrative opportunities for Turkish enterprises, particularly pertaining to exports, benefitting from enhanced port and logistics capabilities,” he said.
Over the last three months, he said, two distinct Turkish firms have revealed plans to build new factories in the Suez Canal Economic Zone (SCZone). They are slated to be completed over the next year.
These projects feature a collective investment exceeding $100 million and are set to create close to 10,000 jobs.
Ambassador Şen commended Egyptian authorities for their tireless efforts to refine the investment landscape through economic and institutional reforms, creating an attractive environment for Turkish enterprises.
He emphasised that Turkish investors are energetically expanding their existing businesses, leveraging Egypt’s strategic location and expansive free trade network.
In a bid to further invigorate economic relations, a forthcoming business forum in Egypt will seek to further catalyse collaborations at the leadership level and foster new partnerships.
“The forum is expected to play a pivotal role in enhancing trade not only between Türkiye and Egypt, but also within the broader international economic community,” he said.
Turkish investors attending the meeting shared insights into their operations in Egypt and outlined upcoming plans. They voiced appreciation for the embassy’s efforts in liaising with Egyptian authorities to resolve certain issues. They also praised the active response by the Egyptian authorities.
They said that their businesses will primarily focus on export purposes, reinforcing their commitment to expansion and growth in Egypt.
They referred to the advantages of investing here, such as reasonable costs and strategic logistical benefits, expressing strong confidence in the country’s future prospects.
