Leaders of Egypt and Turkey warm ties after a decade of cold diplomatic relations since the ouster of Mohammed Morsi, a Muslim Brotherhood member. Turkey is a supporter of the Muslim Brotherhood where in Egypt the group is outlawed. The two nations look to re-establish and expand trade exchange.
Egyptian President Abdel Fattah el-Sisi has annouced that Egypt and Turkey aim to increase bilateral trade to grow to s projected $15 billion USD within the next few years. He emphasized the efforts of both countries to open its borders and promote joint investments between nations. The move is expected to open new avenues for cooperation, in light of the regional war affecting the area.
During his speech at the Egyptian-Turkish summit in Cairo, Egypt, President el-Sisi expressed his appreciation for Egypt’s historical ties with Turkey. Also noting that Turkey is one of the most important destinations for Egyptian exports.
“I would like to welcome the Turkish President on his first visit to Egypt in over 10 years to open a new page between our two countries. I would like to express our pride and appreciation for our historical relationship with Turkey.”
President Sisi of Egypt
Trade relations between the two countries have also witnessed significant growth during the past decade. Egypt is currently Turkey’s number one trading partner in Africa. Experience and common ties has proven to be the success of joint ventures instituted between the two nations.
The volume of trade between Egypt and Turkey was recorded at $6.6 billion USD in 2023. This is a noticeable dip in exchange when compared to $7.8 billion in 2022, a decline of 15.7 percent, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
According to CAPMAS, Turkish investments in Egypt amounted to $167.2 million in the Fiscal Year 2022/2023 (FY22/23), marking a 7.1 percent decline compared to the previous FY21/22 when it reached $179.9 million.
According to government published statistics, Egypt’s exports to Turkey totalled $3.8 billion USD in 2023. This represented a decrease of 4.8 percent, when compared to the previous year’s total of $4 billion USD.
The key commodities exported from Egypt to Turkey in 2023 included fuels and mineral oils valued at $831.6 million, plastics valued at $373.7 million, and fertilizers valued at $357.4 million.
Furthermore, Egypt’s imports from Turkey amounted to $2.8 billion in 2023, indicating a decline of 27 percent, compared to the $3.8 billion recorded in 2022.
Notable imported commodities from Turkey by Egypt in 2023 included iron and steel valued at $551.2 million, machinery and electrical appliances valued at $640 million, and fuels and mineral oils valued at $169.4 million.
Visit Between Leaders
The data released regarding trade relations coincided with the visit of Turkish President Recep Tayyip Erdogan with his Egyptian counterpart, President Abdel Fattah El-Sisi, in Cairo, Egypt. Where the two leaders engaged in extensive discussions about trade and how to stabilize the region from what appears to be an expanding conflict in Gaza.
Earlier, President el-Sisi and his wife, First Lady Entissar el-Sisi, welcomed their Turkish counterparts, President Recep Tayyip Erdoğan and his wife, at Cairo Airport.
Along with trade and investment, the two leaders discussed the regional war in Hamas-Israel War which started on October 7th, 2023 when Hamas terrorists instituted a campaign of terror against Israeli civilians sparking the war.
