Egypt and Turkey are looking to bolster their economic and trade ties in the near future, according to Egypt's Ministry of Foreign Affairs spokesperson, Ahmed Abu Zeid.
In an interview, Abu Zeid noted that both countries have expressed a political will to develop and cooperate further, with expectations of increased trade exchange and Turkish investments in Egypt in line with the improvement of relations.
Two hundred Turkish companies currently operating in Egypt are investing EGP 2 billion ($64 million) in the country, according to Atilla Yenigun, Commercial Counselor of the Turkish embassy in Cairo.
Bilateral trade volume between Egypt and Turkey rose by 14 percent to $7.7 billion in 2022, up from $6.7 billion the previous year, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) in March.
Abu Zeid's statement came a day after a joint statement announced the upgrading of diplomatic relations to the ambassadorial level, the latest in a series of moves to normalize relations after severing diplomatic ties in 2013.
In his interview, Abu Zeid said the upgrade of diplomatic relations is an important step, and the culmination of recent diplomatic efforts between the two countries, going back to a meeting between Egyptian president Abdel-Fattah El-Sisi and Turkish President Recep Tayyip Erdoğan in Doha last year.
Source: Al-Ahram Online
