The newly established targets include an interim goal of achieving USD 8 billion in trade by the end of 2024. The commitment reflects both countries’ recognition of the potential to leverage their historical ties and geographic proximity to boost economic cooperation.
To underpin this significant trade expansion, Egypt and Turkey have signed 18 Memoranda of Understanding (MoUs) across various sectors. These agreements cover areas such as transport, energy, defense, and agriculture, demonstrating a broad approach to enhancing bilateral economic relations. Notably, Turkey has expressed a keen interest in collaborating on natural gas and nuclear energy projects, reflecting its strategic focus on energy infrastructure.
The Turkish government has outlined its intent to deepen cooperation in the energy sector, where both nations see substantial potential for joint ventures. Turkey’s interest in Egyptian natural gas reserves and the possibility of nuclear energy collaboration are expected to play a critical role in meeting the trade volume targets. This focus aligns with Turkey’s broader energy strategy to secure diverse and stable sources of energy.
Additionally, a delegation of Egyptian business leaders is scheduled to visit Turkey to explore trade and investment opportunities. This visit aims to strengthen economic ties and identify strategic partnerships in key industries. The delegation’s focus will include fostering connections with Turkish firms and exploring new avenues for collaboration.
The expansion of trade relations between Egypt and Turkey comes at a time when both nations are seeking to enhance their economic resilience and diversify their trade partnerships. For Egypt, the growth in trade with Turkey represents a significant opportunity to boost its economic development through increased exports and investment. Turkey, on the other hand, is looking to solidify its role as a key regional economic player by deepening ties with its neighbors.
The bilateral agreements and planned investments reflect a shared vision for a more integrated economic future. By focusing on key sectors such as energy, transport, and agriculture, both nations aim to capitalize on their respective strengths and address mutual economic interests. The agreements are expected to facilitate greater business interactions and create new opportunities for growth in both countries.