Turkish and Egyptian economies suite each other

The Foreign Economic Relations Board’s (DEIK) Turkish-Egyptian Business Council chairwoman has stated that the Turkish and Egyptian economies supplement each other well and foresees an increase in future trade between the two countries.

Zuhal Mansfield said: “Both countries bridge two continents. Just as Turkey bridges Asia and Europe, Egypt serves as a bridge between African and Arab regions as well. We are two countries that have territories stretching into three continents and are neighbours to large regions.”

Mansfield commented on Prime Minister Erdogan’s recent visit to Egypt and the great impact he had. She noted that the visit was important in setting up relationships between to two countries for future business together. She said: “This visit showed the Egyptian people our intention to develop mutual love and dialogue between our two peoples. It formed a perception for mutually compensating for our flaws, eliminating problems and healing wounds. In the end, it was decided that improving mutual trade is the only way to ensure these goals are met.”

Mansfield went on: “The most important message of this visit is that the Turkish and Egyptian business worlds will become further integrated. In order to generate interest in developing a commercial relationship between the two countries, love and affection between their people are needed. We were welcomed with love and affection in Egypt. So, I can say that trade volume between Turkey and Egypt will not only increase but also gain even more momentum after this point.”

Trade between Egypt and Turkey reached $3.4 billion last year and current plans target for trade to reach $5 billion in the next 5 years and $10 billion for the next 10 years.

In order for Turkey and Egypt to gain more economic relations between the two countries, Mansfield listed four important expectations for both governments in order for targets to be met. She said: “First of all, the governments should issue three or five year visas to Turkish and Egyptian businessmen in order to give momentum to economic integration. Second, free trade agreements should be signed by an earlier date. The four part Memorandum of Understanding that was signed in 2005 indicated that the agreement is expected to be signed by 2020. If we can sign the agreement by 2015, this five year period will provide additional momentum. Thirdly, the current billion dollar trade requires much healthier financial flows. To ensure this, an Egyptian bank should open a branch in Turkey and vice versa. Both countries have the necessary infrastructure for this. Lastly, the governments should step up efforts to start roll on/roll off services in which ships ferry wheeled transports over water between Turkey and Egypt. These services would help Turkey and Egypt seem closer to each other. As the Arab world enters into Eurasia markets through Turkey, we will reach Arab and African regions through Egypt as well. Both countries will benefit from their different geographical advantages.”

More agreements between Turkey and Egypt will see both countries benefit and improve both countries’ economies. Turkey is currently growing and developing at a fast rate and is fast becoming a market leader with more and more countries looking to make agreements and invest in Turkey. Turkey is a hot spot for investment, the time to invest in Turkey has never been better than now.

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