Turkish firms seek $500 million Egypt contract for landing crafts

Ahram Online, Thursday 15 Sep 2011

Turkey's businessmen have already signed $853 million worth of deals with their Egyptian counterparts during the week's Cairo visit

Turkish firms are seeking a contract of about US$500 million for landing crafts from Egypt as the two countries agreed to increase trade, Turkish Trade Minister Zafer Caglayan has told media.

Turkey and Egypt signed 13 agreements ranging from the inauguration of a high-level strategic council to electricity, oil and gas, tourism, economic cooperation and cultural exchanges, Caglayan said. 
 
Another defense contract involves refitting Egypt’s military helicopters. 
 
Turkish businessmen signed $853 million worth of deals with their Egyptian counterparts during the trip, it was announced.
 
Caglayan expects trade between Turkey and Egypt to increase to USD5 billion a year from USD3 billion. Turkish construction companies stand to be a major beneficiary from improved trade, according to commentators like Beltone Financial.
 
He also predicted that Turkish investment in Egypt will increase to $5 billion from $1.5 billion. 
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