MEMPHIS REISEN

Egypt seeks manufacturing, trade cooperation with Arab, Turkish partners – Dailynewsegypt

Minister of Trade and Industry Ahmed Samir called on the business community in Arab and Turkish countries to use their strong political ties to boost economic cooperation in various sectors, such as joint manufacturing, integration of inputs, bilateral trade, transportation and logistics, agriculture and food production, and energy networks.

He also urged them to link their industries to achieve industrial integration and increase their local content to access regional and global markets, especially in light of the disruptions in global supply chains caused by the coronavirus pandemic, the Russo-Ukrainian war, and other recent events.

Samir made these remarks at the opening session of the Fifth Joint Meeting of Arab and Turkish Chambers, hosted by the General Union of Egyptian Chambers of Commerce in Cairo under the theme “Together for Joint Manufacturing and Tripartite Cooperation.” The meeting aimed to discuss ways to promote development for the peoples of Arab and Turkish nations in this critical stage of the global economy.

The meeting was attended by Ahmed El-Wakil, President of the General Union of Egyptian Chambers of Commerce; Rifat Oğul, President of the Union of Chambers and Commodity Exchanges of Türkiye; Samir Abdullah Nass, President of the Federation of Arab Chambers and President of the Bahrain Chamber of Commerce and Industry; and Khaled Hanafi, Secretary-General of the Federation of Arab Chambers, as well as several heads of industrial chambers and business leaders from Arab and Turkish countries.

Samir highlighted the opportunities presented by the New Suez Canal Axis, the Golden License, and the state ownership policy for attracting investments in Egypt, and praised the recent momentum in relations between Egypt and Türkiye, which culminated in President Recep Tayyip Erdoğan’s visit to Egypt after a decade of diplomatic estrangement.

Samir praised the growth of economic relations between Egypt and Türkiye, despite the diplomatic estrangement that lasted for a decade. He said that Türkiye is the main destination for Egyptian exports and a major source of investments for exporting to various countries worldwide, thanks to Egypt’s relative advantages and diverse industrial base, supported by its strategic location and multimodal transport facilities.

Samir urged the Arab and Turkish chambers of commerce to take advantage of the opportunities offered by the New Suez Canal Axis, the Golden License, and the state property policy. He said that the state will privatize many sectors in the next three years and will partner with investors through various mechanisms, as well as stabilize investments in other sectors, opening the door for local, Arab, and foreign investment.

He also stressed the importance of the alliance in the reconstruction of Africa and sister countries like Iraq and Libya, by using the expertise of Egyptian companies in electricity, roads, ports, and the development of 22 new fourth-generation cities and the reclamation of one and a half million feddans. He noted that Türkiye is one of the world’s leading countries in contracting, and Arab countries have many giant companies in this field.