Union of Chambers and Commodity Exchanges of Turkey

TOBB President Hisarcıklıoğlu stated that Türkiye and Egypt are two friendly countries with shared cultural and historical ties, and that there are significant opportunities for cooperation in the industrial, trade, energy, tourism, and construction sectors at the bilateral and regional levels.

Hisarcıklıoğlu said that the positive atmosphere created by the reciprocal visits of the two countries’ presidents was encouraging for the expansion and deepening of cooperation, adding, “Even in difficult times, as representatives of the business world, we have always kept politics and economics separate. Our ambassadors have made a huge contribution to the development of relations.”

Hisarcıklıoğlu recalled that he recently met with the newly appointed ambassador and said, “I believe we can carry out comprehensive work to develop relations. In fact, this meeting is a reflection of the ambassador’s intention and efforts to contribute to the further development of relations. We, as the business world, have also maintained our contacts without interruption.”

Hisarcıklıoğlu stated that he has visited Egypt almost every year since 2015 at the invitation of the Federation of Egyptian Chambers of Commerce and Industry and El Wakil, President of the Alexandria Chamber of Commerce. He recalled that business delegations were organized and that mutual visits continued, ensuring that Egyptian investors did not interrupt their business activities.

Hisarcıklıoğlu pointed out that Turkish companies have investments of around $3 billion in Egypt and continued his speech as follows: “Two hundred of our companies, 40 of which are large-scale, are manufacturing in Egypt. They provide employment. They are exporting. Representatives of some of these companies are here with us today. We are proud that Turkish companies are among Egypt’s most important textile exporters. Our companies employ around 100,000 Egyptian citizens. New investments are also on the agenda. There is a Free Trade Agreement between Türkiye and Egypt.”

Hisarcıklıoğlu emphasized that Egypt is Türkiye’s largest trading partner in Africa and pointed out that Türkiye is also one of Egypt’s largest export markets, stating, “We support the medium-term trade target of $15 billion set by our heads of state for our trade. We believe this is a realistic goal. We believe there are serious opportunities in the field of contracting. We are proud that 45 of the world’s 250 largest international contractors are Turkish companies. We want Turkish companies to be involved in infrastructure projects gaining momentum in the transportation sector, particularly railways. We believe we have opportunities for cooperation with Egyptian companies in Africa, the Middle East, particularly Syria, and third countries.”

Hisarcıklıoğlu stated that they want to further deepen bilateral relations, adding: “On the other hand, the Mersin-Alexandria and Iskenderun-Damietta Ro-Ro services that existed between 2012 and 2015 facilitated our bilateral trade and joint ventures in third countries. I believe that renewing the agreement to continue this practice, which we initiated with my brother El Wakil, will benefit both Türkiye and Egypt.”

- Egyptian Foreign Minister Badr Abdelatty

In his speech, Egyptian Foreign Minister Badr Abdelatty also offered his condolences for those who lost their lives in the crash of a C130 military cargo plane on the Georgia-Azerbaijan border.

Abdelatty stated that Hisarcıklıoğlu played an important role in ensuring the continuation of economic and commercial relations between the two countries, saying, “He achieved this even in the most difficult times, during periods of political turmoil. For this reason, we offer him our thanks and respect.”

Abdelatty expressed his pleasure at being there and pointed out that economic and commercial relations bring the two countries closer together.

“The Egyptian government is taking care to provide you with every convenience. It is also making efforts to prepare the environment for investment. We hope to work together and further develop our commercial and investment relations for the development of our country,” said Abdelatty, noting that the two countries’ joint trade volume is expected to increase to $15 billion.

Abdelatty noted that the bilateral trade volume reached $8.8 billion in 2024, an increase from the previous year, but said this figure has not yet reached the desired level.

Referring to Egyptian President Abdel Fattah el-Sisi’s visit to Ankara in 2024, Abdelatty recalled that he discussed raising this target to $15 billion during his meeting with President Recep Tayyip Erdoğan.

Abdelatty emphasized that this figure is not impossible, stressing that Türkiye and Egypt have great potential.

Minister Abdelatty said, “We will undoubtedly offer you all the available facilities. You need us, and we need you. We are your gateway to Africa, and just as we have a large market in Egypt, we also have free trade agreements in Africa, with Arab countries and the African continent. Türkiye is also a large and important country.”

Abdelatty explained that products should be supplied reciprocally between Egypt and Türkiye, stating that this would provide integration and serve everyone’s interests.

Abdelatty said, “Trade relations between the two countries must be developed in a spirit of brotherhood. There is another axis to this relationship, which is the investment axis. Undoubtedly, as my dear brother Hisarcıklıoğlu also mentioned, Türkiye’s investments in our country amount to 3 billion. However, we expect more investment. In particular, there are great opportunities in various sectors in the Egyptian market. We can benefit from our mutual expertise, especially in the construction sector, infrastructure, digitalization, food security, and artificial intelligence.”

Emphasizing the importance of the tourism and health sectors, Abdelatty said, “We aim to exceed 18 million tourists this year.”