Egypt's PM meets Turkish trade delegation for first time in 10 years
Egypt's PM meets Turkish trade delegation for first time in 10 years
Despite the political rift between Egypt and Turkey, bilateral trade continued to rise at a considerable rate, between 2007 and 2020, from US$4.42 billion to US$11.14 billion, after a free-trade agreement had been signed in 2005.
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The trade delegation said it aims to increase Turkish investments in the Egyptian market by US$500 million this year. [Getty]
Egyptian prime minister Mostafa Madbouly met a Turkish business delegation in Cairo for the first time in a decade to confer means of expanding Turkish trade operations in Egypt, the cabinet said in a statement on Wednesday.
The statement added that the delegation included representatives from 14 companies working in textiles, industrial development, clothes, sportswear, electronics and medical products.
Despite the political rift between the two countries, bilateral trade continued to rise considerably between 2007 and 2020, from US$4.42 billion to US$11.14 billion, after a free-trade agreement was signed in 2005.
The investments of Turkish companies in Egypt amount to about US$2 billion. The delegation said it aimed to increase investments by another US$500 million this year.
"Egypt and Turkey enjoy historical relations, [regardless] of any political differences that may have occurred over the previous periods," Madbouly said during the meeting, which was also attended by Egyptian minister of industry and trade Ahmed Samir.
The split between the two countries dates back to 2013 when the then-defence minister Abdel-Fattah al-Sisi overthrew the late Mohamed Morsi, the first democratically elected president, who was supported by the Turkish government led by Tayyip Erdogan.
Since then, Turkey harboured thousands of Egyptian dissidents, including Muslim Brotherhood members, with some allowed to work on TV channels that targets Egyptian audiences and criticises Sisi's regime.
The Muslim Brotherhood has been legally designated a "terrorist organisation" in Egypt since 2014.
Most recently, however, bilateral ties between Turkey and Egypt have improved after Egyptian president Sisi met with Erdogan on the sidelines of the World Cup held in Qatar last November, appearing in a photo shaking hands.
But both sides are still at odds over vital regional issues. Egypt halted dialogue with Turkey over its energy deal with the Libyan Tripoli-based government, while Egypt supports the rival Tobruk-based administration.
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