- Egypt and Turkiye have agreed to increase bilateral trade from about $9 billion to $15 billion by 2028 while expanding cooperation in energy.
- The partnership will include joint hydrocarbon exploration, renewable energy collaboration, and cross-sector investment.
Egypt and Türkiye have agreed to increase bilateral trade from about $9 billion to $15 billion by 2028. The agreement covers cooperation in hydrocarbons, mining, transport, and the automotive sector.
Egyptian President Abdel Fattah El-Sisi and Turkish President Recep Tayyip Erdoğan confirmed the deal in Cairo during the second High-Level Strategic Cooperation Council meeting. Both leaders co-chaired the session.
El-Sisi said the agreement will strengthen practical cooperation between both countries. He urged Egyptian and Turkish companies to support the trade expansion goal. He also highlighted that Egypt remains Türkiye’s largest trading partner in Africa. At the same time, Türkiye remains one of the top destinations for Egyptian exports.
He stressed the need to remove trade barriers. He also called for stronger investment flows and wider economic cooperation. As a result, both countries aim to accelerate progress toward the $15 billion trade target.
Meanwhile, Erdoğan said both countries are taking clear steps toward expanding trade. He noted that Turkish investments in Egypt are approaching $4 billion. He added that these investments continue to create jobs.
Erdoğan also said both countries want to build a complementary economic model. According to him, this approach will help both economies withstand global market volatility.
In addition, both countries will explore joint investments through the Egypt-Türkiye Business Forum. These discussions will focus on energy and transport projects. These sectors remain critical for regional energy security.
Erdoğan also highlighted growing tourism links. Both countries currently receive more than 500,000 visitors from each other annually. He said both sides plan to double this number.
Furthermore, both countries see strong potential in automotive manufacturing, infrastructure development, and tourism. They also agreed to cooperate on hydrocarbon exploration and mining development in Egypt. This cooperation will include knowledge sharing in geology and mining technology.
Both countries signed several memoranda of understanding. These cover defence, investment, trade, agriculture, health, youth and sports, and social protection. They also created a national committee to support and track Turkish investments in Egypt.
In the energy sector, both countries agreed to deepen cooperation in electricity and renewable energy under the September 2024 MoU. They will also appoint national contact points. These teams will coordinate joint work in conventional energy, renewables, green hydrogen, and nuclear energy.
Erdoğan visited Cairo on 4 February as part of a regional tour that included Saudi Arabia. This visit marked his third trip to Egypt in two years.
Currently, Türkiye remains Egypt’s largest export market for the past three years. Industrial goods make up most Egyptian exports to Türkiye. Meanwhile, petroleum exports account for less than 12 percent of total exports to Türkiye.