Egypt and Turkey share diplomatic and economic ties built on cooperation as well as cultural, religious, and historical origins that go eight centuries back to the Ottoman Empire.
Egypt is currently Turkey’s top trading partner in Africa, and Turkey is one of the most important destinations for Egyptian exports. According to President Abdel Fattah El-Sisi, “Over the past ten years, contact with Turkey has been constant, with trade and investment relations continuously growing.”
During the first quarter of 2024, Turkish exports to Egypt reached USD 872 million (EGP 41.7 billion), a 28 percent increase from the first quarter of 2023, marking Egypt as Turkey’s largest African importer. Meanwhile, Turkey imported Egyptian products during the same period for the value of USD 874 million (EGP 41.8 billion).
According to the Central Agency for Public Mobilization and Statistics (CAPMAS), bilateral trade between Egypt and Turkey reached USD 7.7 billion (EGP 41.9 billion) in 2022, compared to USD 6.7 billion (EGP 320.9 billion) in 2021, marking a 14% increase.
Meanwhile, the total trade volume between Egypt and Turkey reached USD 6.6 billion (EGP 316.1 billion) in 2023, compared to USD 7.8 billion (EGP 373.6 billion) in 2022, a decrease of 15.7 percent, according to CAPMAS.
“We will work together to increase trade exchange to USD 15 billion (EGP 718.4 billion) in the coming years, foster mutual investments, and open up new avenues for cooperation,” President Sisi stated.
Additionally, Turkish investments in Egypt reached USD 179.9 million (EGP 8.6 billion) during the fiscal year 2021/2022, compared to USD 138.1 million (EGP 6.6 billion) during the year 2020/2021, an increase of 30.3 percent.
There are more than 200 Turkish companies and factories operating in Egypt, with Egyptian companies contributing to Turkish investments exceeding USD 2.5 billion (EGP 119.7 billion), according to Atilla Yenigun, Commercial Counselor of the Turkish embassy in Cairo.
“Turkey is and will continue to be the number one export market of Egypt, so the trade balance between the two countries looks very balanced,” according to Turkey’s Ambassador to Egypt, Salih Mutlu Sen.