Turkish Investment in Egypt to hit $2 bln (16.01.2008)

Turkish Finance Minister Kemal Unakitan has said that Turkey expects Turkish investment in Egypt, especially in Cairo and Alexandria, to increase, jumping from the current figure of approximately $500 million to $2 billion within two years.

Accompanying President Abdullah Gül and 200 Turkish businessmen to Cairo, Unakıtan made a speech at the Turkish-Egyptian Business Forum yesterday. He underlined the importance of the visit and said they consider Egypt a strategic partner with its population of 80 million and mostly integrated free market economy.

Unakitan said the trade volume between the two countries was around $700 million in 2005. But he said the trade volume had increased to $1.6 billion in 2007 and added that their aim was to further increase trade volume to $5 billion in the middle term.

Unakitan said transportation channels between the two countries have to be developed in order to achieve the business goals and that Turkish Airlines should launch direct flights to Egypt's second largest city, Alexandria, as soon as possible.

16 January 2008