Turkish Economy Minister Nihat Zeybekci said Friday Egypt needs Turkey economically more than Turkey needs Egypt, he said, commenting on Egypt's decision not to renew the Ro-Ro transit-trade agreement with Turkey.
Turkey does not need Egypt economically as there are no Egyptian investments in Turkey, while there are Turkish investments in Egypt, said the Turkish minister, emphasizing his unwillingness to delve into such topics.
Zeybekci expressed willingness to increase Turkish investments in Egypt though and the size of trade between the two countries.
He also stressed to the importance of economic relations between the two countries, in order to build long-term and strong relations.
The Ro-Ro agreement had a symbolic significance to Turkey because only 2 percent of Turkish exports to the Middle East, the Arabian Peninsula, and North Africa, passed through the Ro-Ro line at a cost of more than 30 percent compared to the transfer of goods through the Suez Canal, he said.
According to the Ro-Ro line agreement, Turkish trucks carrying goods were transferred by ship across the Mediterranean to Egypt, then through land to the Red Sea, all the way to the Arabian Peninsula.
Turkey did not lose anything under the diminutive size of exports, and the high cost, the minister mentioned.
Turkey will use the Suez Canal, or Turkish goods could reach the Arabian Gulf easily through Iran or Iraq, he said.
Edited translation from Al-Masry Al-Youm
