Upgrading diplomatic ties between Türkiye and Egypt after a decade-long hiatus will positively impression industrial relations, stated an trade skilled.
Diplomatic relations between Türkiye and Egypt have been on the degree of expenses d’affaires since 2013.
On Tuesday, Türkiye nominated Salih Mutlu Şen as its new ambassador to Cairo, whereas Egypt named Amr El Hamamy as its ambassador to Ankara.
Mustafa Denizer, chairperson of the Türkiye-Egypt Business Council of the Ankara-based Foreign Economic Relations Board (DEIK), advised Anadolu Agency (AA) that political relations between the 2 nations have been secure for 10 years. Still, constructive steps have been taken within the final one-and-a-half years.
Appointing mutual ambassadors has opened a brand new web page in bilateral relations, Denizer stated.
“Both sides encourage mutual investments. Turkish authorities also want and encourage Turkish investors, big and small, to invest in Egypt again,” he added.
Stating that Turkish folks have invested roughly $1.5 billion in Egypt since 2007, Denizer stated that there are 15-20 necessary Turkish investments within the North African nation, primarily in textiles and attire.
He stated new investments in Egypt are anticipated in retail, power, family home equipment and transportation sectors within the coming interval and the projected funding within the 2023-2024 interval might attain $500 million.
Türkiye-Egypt’s bilateral commerce quantity is at round $10 billion and Egypt noticed a surplus for the primary time as a result of power export to Türkiye, he recalled.
“If we ensure that Turkish products enter Egypt easily, we can fix the trade balance and the bilateral volume may reach $15-20 million.”
Stating that Turkish merchandise garner nice curiosity in Egypt because of high quality and picture, Denizer stated, “As relations improve, if positive classification is made for Turkish products at customs and Central Bank payments, our commercial activities will increase and investment opportunities will arise.”
Denizer additional stated Egypt has duty-free commerce agreements with African nations, the U.S. and South American nations, encouraging Turkish traders.
Stating that Egypt will likely be Türkiye’s most necessary export and commerce associate sooner or later, Denizer stated, “As DEIK/Türkiye-Egypt Business Council, we continue our activities with the aim of increasing commercial relations and intensifying economic ties between the two countries.”
5-year commerce information
According to the information of the Turkish Statistical Institute (TurkStat), exports, which had been $3.3 billion in 2019, it decreased to $2.95 billion in 2020.
With the impact of bilateral steps taken by the 2 nations in 2021, exports elevated by roughly 37% in comparison with 2020, reaching $4.03 billion and $4.05 billion in 2022.
In the January-May interval of this yr, exports totaled $1.17 billion.
Imports from Egypt had been $1.8 billion in 2019 and $1.6 billion in 2020.
While imports elevated to $2.08 billion in 2021 and $2.33 billion in 2022, they had been calculated at $1.3 billion within the first 5 months of this yr.
Source: www.dailysabah.com
