Minister of Trade and Industry Rachid Mohamed Rachid said that the volume of trade exchange between Egypt and Turkey hit $3.2 billion in the end of 2009, and is expected to increase to $4 billion by the end of this year and $5 billion in 2011.
The Egyptian-Turkish partnership is a good example of how successful economic cooperation between two countries should be like, said Rachid.
According to the State Information Service, Rachid told the Egyptian-Turkish Business Forum that the country’s economic cooperation with its partners in the Middle East and the Islamic world aims at accelerating the economy and raising living standards.
The entry into force of a free trade agreement between Egypt and Turkey in March 2007 has helped boost trade and increase investment flows, he said.
Turkish investments in Egypt have steadily grown over the past period, hitting $1.5 billion in 2009 and is forecast to increase to over $2 billion by the end of 2010, Rachid said.
The launch of a regular maritime line between Egyptian and Turkish ports, which is expected to be operational as of November, will be a boon for trade, tourist, shipping and export/import activities, he said.