In a significant move to bolster economic relations, Turkish Ambassador Salih Mutlu Şen met with Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, during the 7th Cairo Water Week in Cairo on October 14, 2024. The discussions centered on enhancing investment, trade, and future collaborative efforts between the two nations. This meeting marks a pivotal step in deepening the already robust economic partnership between Turkey and Egypt.
Key Discussions and Strategic Meetings
The meeting between Ambassador Şen and Minister El-Khatib highlighted several critical areas of economic cooperation.
Prof. Dr. Hani Sewilam, Egypt’s Minister of Water Resources and Irrigation, emphasized the importance of modernizing customs procedures and enhancing investment incentives. The dialogue also covered improving the regulatory environment for work permits, residency, exports, and investments.
- Upcoming Visits: Minister El-Khatib is set to visit Istanbul in November to attend the COMCEC ministerial meeting.
- Investment Opportunities: Exploration of potential investment avenues in Istanbul was a focal point.
- Economic Reforms: Discussions on Egypt’s proactive approach to economic reform and modernization.
This strategic dialogue aims to create a seamless framework for future investments and economic projects that benefit both countries.
Investment Opportunities and Economic Reforms
Ambassador Şen lauded Egypt’s efforts in economic reform, highlighting the nation’s large and highly skilled labor force as a key attraction for Turkish companies. Egypt’s strategic location, advantageous free trade agreements, and modern infrastructure under President Abdel Fattah El-Sisi’s leadership were also underscored as significant factors enhancing Turkey’s global competitiveness.
Benefits for Turkish Companies
| Advantage | Description |
|---|---|
| Skilled Labor Force | Access to a highly educated and trained workforce |
| Strategic Location | Proximity to Arab and African markets |
| Free Trade Agreements | Enhanced trade opportunities with favorable terms |
| Modern Infrastructure | State-of-the-art facilities supporting business operations |
These factors collectively create a conducive environment for Turkish businesses to expand their footprint in Egypt and beyond.
Future Cooperation and Mutual Benefits
The MoU signed between the two nations outlines a comprehensive framework for future cooperation. Both countries are committed to fostering mutual growth through shared economic initiatives.
Prof. Şen emphasized the shared vision of growth and prosperity, referring to Egypt as a “sister and strategic partner.” He reiterated Turkey’s support for Egypt’s development under President El-Sisi’s leadership, highlighting the mutual benefits of strengthened trade relations and continued investments.
Areas of Focus
- Trade Relations: Enhancing the flow of goods and services between Turkey and Egypt.
- Investment Projects: Joint ventures in key sectors such as infrastructure, energy, and technology.
- Economic Reforms: Continued modernization efforts to create a favorable business environment.
This partnership is poised to open new avenues for economic collaboration, driving growth and expanding opportunities for both nations.
Enhancing Regional Economic Stability
The collaboration between Turkey and Egypt is not limited to bilateral relations but also aims to contribute to regional economic stability. By working together, both countries seek to create a more integrated and resilient economic landscape in the region.
Minister El-Khatib expressed optimism about the potential for this partnership to set a precedent for other African and Middle Eastern nations. The enhanced economic ties are expected to promote sustainable development, foster innovation, and drive economic prosperity across the region.
