Egyptian and Turkish officials are scheduled to discuss a number of issues related to increasing the volume of Turkish investments in Egypt and encouraging business exchanges between the two countries, in attempt to double the volume of bilateral trade, according to a statement from the Egyptian Cabinet.
Prime Minister Hesham Qandil discussed during a meeting with ministers a number of agreements and memoranda of understanding to be signed with Turkey, said the official spokesperson for the Egyptian Cabinet Alaa Hadidi Wednesday. Representatives of eight ministries attending the meeting, including the Ministries of Foreign Affairs, Foreign Trade and Industry, and Petroleum.
The spokesperson added in a statement that the agreements will be signed with the Turkish side during a visit by Turkish Prime Minister Recep Tayyip Erdogan to Cairo in November.
According to the Egyptian Ministry of Industry and Trade, trade between Egypt and Turkey amounted to US$4.2 billion in 2011, with $3.98 billion as Turkish imports to Egypt. Egypt exports about $216.4 million in goods and services to Turkey.
The Industry and Trade Ministry expects trade between Egypt and Turkey to reach $5 billion in 2012.
Turkish investments number about $1.5 billion, according to the latest data issued by the Ministry of Investment and Free Zones.
