The Turkish Ambassador to Egypt , Salih Mutlu Sen. File photo.
The Turkish ambassador made his remarks during a consultative meeting for Turkish investors in Cairo on Tuesday.
The meeting was attended by representatives of more than 50 Turkish companies operating in Egypt.
Ambassador Sen praised the depth of bilateral relations with Egypt, as well as economic and trade cooperation, especially after the normalization of relations between the two countries.
The head of Egypt’s Commercial Representation Authority Yahya El-Wathiq Billah also attended the meeting.
He pointed out that 800 Turkish companies have already invested $2.5 billion in Egypt.
“Dozens of Turkish companies every month show interest in investing in Egypt,” he explained, adding that some of them have already agreed to invest $200 million.
El-Wathiq Billah observed that economic ties between the two countries had been maintained over the past decade despite their cool relations, explaining that their respective leaderships had been able to separate the economic and political tracks.
Next week, the central banks of both countries will discuss how to conduct trade in local currencies to reduce the demand for US dollars, El-Wathiq Billah said. Then, he added, Turkish Trade Minister Omar Bolat will travel to Egypt in late October, while his Egyptian counterpart will visit Turkey the following month.
“Egypt and Turkey aim to increase the volume of trade exchange between the two countries to $15 billion over the next five years, compared to $10 billion currently,” the head of the Egyptian authority said.
The two countries have cooperated in automotive manufacturing and assembly, he said, pointing to Turkey’s experience in manufacturing electric cars.
El-Wathiq Billah concluded by pointing to recent Egyptian efforts to attract more Turkish tourists, including allowing them to obtain a visa on arrival.