Turkish companies vow to invest in Egypt

The Egyptian government announced that Turkish companies had promised to invest $500 million in Egypt, after a delegation of Turkish businessmen met with the Egyptian prime minister for the first time in ten years.

The development in question showed that the ice between the two states began to thaw. President Tayyip Erdogan took a tough stance against Egypt after former President Mohammed Morsi’s coup, linked to Egypt’s Muslim Brotherhood, in 2013, severed relations between the two states.

They shook hands

Relations between the two states began to improve in 2021 as a result of Turkey’s efforts to reduce tensions with regional powers. Although Egyptian officials have been more cautious about approaching Turkey, Erdogan announced that he had a brief conversation with Egyptian President Abdel Fattah Sisi during the World Cup in Qatar last year.

Egyptian Prime Minister Moustafa Madbouly said in a government statement released last night: “No matter what political disagreement has occurred in the past, we have always been ready to preserve relations between our peoples and our close economic and trade cooperation. “.

BUSINESS RELATIONS CONTINUED

Although diplomatic relations between the two states were severed in the recent past, trade relations continued. However, both states have been trying to strengthen their financial relations in the region to fix their struggling economies recently.

In the government statement, it was stated that some of the companies that visited Egypt are already doing business in Egypt and working in the fields of industrial development, textiles, garment production, electronics and medical equipment.

According to the statement, the investments of Turkish companies in Egypt amount to two billion dollars. Egyptian President Abdel Fattah Sisi called President Erdogan last week, conveying his condolences and offering help. (Reuters)