Egypt and Turkey seek deeper economic integration to enable joint manufacturing and expand exports to global markets

The Minister of Finance affirmed that Egypt and Turkey possess diverse and complementary economic capabilities, stressing the importance of advancing integration that supports joint manufacturing and enhances access to global export markets.

 

Speaking during an open dialogue via video conference with 250 leading Turkish investors participating in the meeting of the Egyptian and Turkish Chambers of Commerce in New Alamein City, the Minister highlighted Egypt’s strong competitive advantages, advanced infrastructure, strategic geographic location, and promising economic opportunities.

 

The Minister noted that bilateral relations between Egypt and Turkey are distinguished, and that the Egyptian and Turkish private sectors are well positioned to inject further mutual investments.

 

He emphasized the significant potential to expand economic cooperation, particularly in the food industries, engineering industries, ready-made garments, and household appliances.

 

He also described the memoranda of understanding signed between the Egyptian Chamber of Commerce and its Turkish counterpart as an important step toward strengthening economic integration.

 

The Minister stated that the Egyptian economy is witnessing strong improvement, with private sector investments increasing by 73% last year, and confirmed that this robust performance is continuing.

 

He added that the growing investment inflows into the Suez Canal Economic Zone represent a successful model for regional and international partnerships.

 

He further pointed to the notable improvement in the performance of non-oil merchandise exports and services exports during the last fiscal year, alongside increased and diversified foreign direct investment inflows. Egypt, he said, is working to position itself as a regional and African hub for production and exports.

 

The Minister explained that first-quarter indicators of the current fiscal year reflect the continued improvement in economic performance, with the private sector leading economic growth.

 

He stressed the government’s commitment to maintaining fiscal discipline while stimulating economic activity, in order to improve and reduce debt indicators.

 

This path of discipline, he added, creates additional fiscal space that will be directed toward increased spending on human development and social protection for the most vulnerable groups.

 

The Minister reaffirmed the government’s commitment to continuing the simplification and facilitation of procedures and to supporting private sector growth within the Egyptian economy.

 

He noted that Egypt’s fiscal policies are increasingly supportive of industrial, productive, and export-oriented activities, emphasizing that ongoing tax and customs facilitation measures aim to build a relationship of trust with the business community and enhance the competitiveness of the Egyptian economy.

 

For his part, Ahmed El Wakeel, Chairman of the Federation of Egyptian Chambers of Commerce, expressed his pleasure at hosting the annual meeting of the Union of Chambers and Commodity Exchanges of Turkey in New Alamein City.

 

He stated that efforts are underway to promote industrial zones in El Alamein, Gargoub, and Borg El Arab to attract additional Turkish investments.

 

He added that work is ongoing to deepen regional economic partnerships in order to strengthen the role of the private sector in supporting sustainable development.