Turkish companies have committed to investing $500 million in Egypt, following a visit from a Turkish business delegation to the country. This is the latest sign of a thaw in relations between the two nations, which began in 2021. Despite diplomatic relations between Egypt and Turkey being severed after the 2013 overthrow of the Muslim Brotherhood’s Mohamed Mursi, trade ties between the two countries have continued. This investment from Turkey is significant, as both countries are looking to bolster their regional financial ties in order to support their ailing economies.
Egyptian Prime Minister Moustafa Madbouly said that regardless of any previous political disagreements, they have always been keen to maintain relations between the two peoples and close economic and commercial cooperation. The businesses visiting Egypt, some of which already have operations there, represent industries including industrial development, textiles, clothes manufacturing, electronics, and medical supplies. The statement also noted that Turkish investments in Egypt currently total $2 billion.
The two countries have been working to ease tensions between them, with Erdogan and Egyptian President Abdel Fattah Al-Sisi meeting and shaking hands during the 2022 World Cup in Qatar. Sisi spoke with Erdogan last week, offering condolences and support after the deadly earthquake that hit Turkey this month. Egypt has also sent five military planes to Syria and Turkey with medicines and medical supplies.
This investment by Turkish companies in Egypt is a positive development, as it signifies the improving relations between the two nations. With both countries looking to bolster their economies, the investment can help create new jobs and business opportunities. It is hoped that this investment will encourage other countries in the region to strengthen their trade ties, leading to greater economic growth and stability.