New session of talks to set up FTA with Turkey
25 December 2004
Egypt and Turkey agreed yesterday to discuss mechanisms to promote trade and investment cooperation between them, said Foreign Trade Ministry Under-Secretary Sharqawi Hefni on yesterday.
At a joint press conference with his Turkish counterpart Tuncer Kayallar after the opening of a Cairo exhibition for Turkish machines, Hefni said he proposed a working program to increase the volume of trade exchange between Egypt and Turkey that would be based on agreements signed between the two countries.
Hefni, who attended the opening ceremony on behalf of Foreign Trade Minister Rashid Mohammed Rashid, said trade leads to investments, urging the Turkish delegation participating in the exhibition to visit investment zones in Egypt to know the advantages granted to investors.
The Turkish official, on his part, referred to progress realized by Turkey in manufacturing machines, saying $ 4 billion worth of machines were exported to global markets in 2004.
He said Turkey is keen on developing trade relations with Egypt as part of its plan to further economic cooperation friendly and neighboring countries.
Trade exchange between Egypt and Turkey reached in 2003 a total of $ 500 million, and is expected to reach $ 700 million in 2004, Kayalar said.
The exhibition, organized by a Turkish-Egyptian company, will run for four days.
Turkish Embassy staff, Egyptian businessmen and representatives of the federation of Turkish exporters attended the opening ceremony.