Emad Kenawy, a member of the Federation of Chambers of Commerce and Head of the Importers Division, emphasized that the launch of the Ro-Ro maritime transport line between Egypt and Türkiye would significantly enhance trade exchange between the two countries.

The Ro-Ro line operates as a shipping route connecting Turkey and Egypt. Since its inception in November 2012, Turkish exports have departed from the ports of Mersin and Iskenderun, arriving at the ports of Alexandria, Damietta, and Port Said on the Mediterranean coast. From there, goods travel through Egyptian roads to the port of Adabiya on the Red Sea, facilitating transportation to ports in Saudi Arabia and Gulf countries—all aboard Turkish ships. The process also works in reverse, from Egypt to Türkiye.

Kenawy highlighted Egypt’s competitive advantages due to its strategic geographic location, positioning it as a regional hub for production and export. The country’s infrastructure development, coupled with supportive national policies, stimulates both local and foreign investment.

Turkish investments in Egypt demonstrate sustainability and continuous growth. Both the Turkish and Egyptian governments actively encourage Turkish investments in Egypt, which have exceeded $3bn and continue to rise.

Egypt-Türkiye relations are robust: Türkiye ranks as the sixth-largest destination for Egyptian exports and the third-largest exporter to Egypt. In 2023, the trade volume between the two countries reached approximately $6.6bn. Around 790 Turkish companies operate in Egypt, providing approximately 70,000 direct jobs and 100,000 indirect jobs, generating a total annual revenue of $1.5bn.

The Chamber of Commerce in Bursa, Türkiye, aims to establish an industrial zone in Egypt specializing in textiles, automobiles, aluminium, and advanced technological machinery and equipment. This zone will focus on exporting to various markets, including Africa and the Gulf.

The opportunity for economic integration between Egypt and Türkiye is favourable, especially compared to other nations that heavily rely on oil derivatives. Egypt and Türkiye share similarities, including large markets due to their population sizes and geographic proximity.

Joint negotiations are underway between the two countries regarding the establishment of a Ro-Ro maritime transport line. Minister of Trade and Industry Ahmed Samir recently met with Mustafa Denizer, the Turkish side chairperson of the Joint Business Council. The meeting highlighted Egypt’s improved economic conditions and significant opportunities for Turkish companies interested in investing in Egypt—whether for the local market or export within Egypt’s network of trade agreements with various countries and major economic blocs, such as the European Union, the United States, Arab countries, and Mercosur.

© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).