Turkey, Egypt aim to boost trade volume to $10 bln in three years

Istanbul, Turkey | November 18, 2009 by D-8 Secretariat

the Turkey-Egypt Business Forum, which was organized by the Turkish Confederation of Businessmen and Industrialists (TUSKON) on Tuesday on the topic of "New Cooperation Opportunities Between Turkey and Egypt"

The Turkey-Egypt Business Forum, organized by TUSKON, was attended by Turkish Foreign Trade Minister Zafer Çağlayan, Egyptian Minister of Industry and Trade Rachid Mohamed Rachid, Industrial Development Authority head Amr Asal and TUSKON President Rızanur Meral, last week.

The total foreign trade volume between Turkey and Egypt is expected to reach $3.5 billion by the end of year with a target to increase this figure to $10 billion within three years, Foreign Trade Minister Zafer Çağlayan said on Tuesday, as reported by Today’s Zaman.

Delivering the opening speech at the Turkey-Egypt Business Forum, which was organized by the Turkish Confederation of Businessmen and Industrialists (TUSKON) on Tuesday on the topic of “New Cooperation Opportunities Between Turkey and Egypt,” Çağlayan noted that he believes trade between the two countries has yet to reach its full potential. Trade volume between the two countries by September of this year totaled $300 million more than total trade last year, he said, adding that they foresee the trade volume to increase to $3.5 billion by the end of 2009. The upward trend seen in the last seven years will continue in the coming years, too, the minister said, adding that they set their goal to increase the annual trade volume to $10 billion within three years. Trade between Turkey and Egypt is a “win-win” situation, Çağlayan remarked.

In addition to the $2 billion in Turkish investment made in Egypt, 250 Turkish firms operating in Egypt employ more than 50,000 Egyptians, Çağlayan said, adding that this level of employment is the equivalent of $7.5 billion to $10 billion worth of investment. Calling for Egyptian firms to invest in Turkey, too — explaining that Turkey has attracted $65 billion foreign capital investment over the last six years, a figure which could have reached $85 billion to $100 billion if not for the global financial crisis — the minister remarked that Turkey is about to surmount the crisis and said their aim is to exceed $100 billion in exports by the end of the year. He stated a trade attaché has been assigned to Alexandria, Egypt, and will assume office within a few days.

‘Turkey has seen the light at the end of the tunnel’

In an assessment of the September industrial production figures on the sidelines of the meeting, Çağlayan stated that industrial production has declined a little more than the predicted level. Underlining that economic ups and downs can always happen due to seasonal factors, Çağlayan said Turkey has left those bad days behind. Turkey has started to recover from the global financial crisis, he added. “Both the rise in exports and the International Monetary Fund’s [IMF] predictions foreseeing Turkey among the seven G-20 countries that will grow in the last quarter of 2009 proves this recovery. Industry production will start growing again in the very near future.”

The recent crisis had its worst effects on the industrial sector and this has resulted in low levels of industrial production, the minister said, continuing: “However, the bad days have already been left behind. It is can be clearly seen that there is a light at the end of the tunnel. Turkey will start growing again in every field by the last quarter of this year and will reach its pre-crisis levels with an increasing trend in its exports.” Stressing that this situation should not be interpreted pessimistically, Çağlayan asserted the downward trend has ended completely.

Read Also

• Turkey-Indonesia Trade Volume To Reach $5 Bln In 3 Years
• Business Talks Likely to Boost Egypt-Turkey
• Turkey-Indonesia Trade Volume To Reach $5 Bln In 3 Years
• Turkey, Indonesia Aim to Reach Trade Volume of $10 bln
• Turkey and Egypt Sign Deal for Joint Trade Chamber
• Turkey, Iran Seeking to boost Trade to $30 Billion
• Bangladesh-Turkey Heads Up to Boost $1-2 Billion in Investment
• Nigeria, Turkey Trade Hits $2bn
• D-8 to Gain More Importance in Years to Come
• Turkish Minister: Trade with Indonesia has $10 billion potential