Türkiye’s state pipeline operator BOTAŞ and Egypt’s EGAS agreed to deepen vitality ties by taking a look at pure fuel and liquified pure fuel (LNG) commerce alternatives, BOTAŞ stated in an announcement on Thursday following a historic go to by President Recep Tayyip Erdoğan to Cairo, a primary in over a decade.
“Within the scope of the President’s official visit to Egypt, a meeting was held between the senior management of national natural gas companies BOTAŞ and EGAS (Egyptian Natural Gas Holding Company),” the Turkish firm stated in an announcement on its web site.
“During the meeting, it was agreed to further strengthen the relations between BOTAŞ and EGAS. Within this framework, discussions were held on natural gas and LNG trading opportunities, cooperation on natural gas infrastructure and underground storages, (and) sharing of technical information and experience,” it added.
President Erdoğan, accompanied by a big ministerial delegation visited Egypt on Wednesday, the place he had talks with Egyptian President Abdel-Fattah el-Sissi.
The two nations signed a joint declaration on the restructuring of the High-Level Strategic Cooperation Council conferences between the 2 nations, pledging to cooperate in a variety of areas, together with politics, safety, commerce, and tradition.
The declaration, which highlights the deep-rooted, frequent historic and cultural ties between Türkiye and Egypt, stresses the dedication of Ankara and Cairo to strengthen their robust relations in all fields to serve the frequent pursuits of each nations and peoples and to boost solidarity and cooperation to advertise peace, stability and prosperity each of their areas and past.
Defense, commerce prospects
In gentle of the rapprochement, each Erdoğan and el-Sissi outlined their goal to boost the commerce quantity between the 2 nations to $15 billion (TL 461.4 billion) in addition to round $3 billion value of Turkish investments in Egypt.
“I believe there is serious potential for cooperation in the field of defense industry. Egypt has significant investments in this field. I think we can strengthen our cooperation through joint projects,” Erdoğan famous in a joint news convention together with his Egyptian counterpart.
Earlier this month, Foreign Minister Hakan Fidan stated Türkiye agreed to supply its more and more standard drones to Egypt, in an additional signal of regular diplomatic relations after years of strained ties.
“Normalization in our relations is important for Egypt to have certain technologies. We have an agreement to provide (Egypt) unmanned air vehicles and other technologies,” Fidan stated on the time with out additional elaborating.
Evaluating the commerce ties between the 2 nations, Mustafa Denizer, president of the Türkiye-Egypt Business Council of the Foreign Economic Relations Board (DEIK), informed Anadolu Agency (AA) on Thursday that Turkish investments in Egypt make use of 1000’s whereas additionally producing vital annual turnover.
Denizer additionally famous that the commerce quantity between Türkiye and Egypt started to extend with the free commerce settlement inked in 2007 and has reached $10 billion, including that vitality has vital potential in industrial relations and it may very well be doable to boost this determine additional to $15 billion-$20 billion within the subsequent 5 years.
“The Egyptian industry needs a lot of intermediate goods. It used to supply them from Türkiye, and it still can,” he stated, whereas mentioning that the present surplus the North African nation obtains from vitality “should somehow be directed to Turkish products.”
Underscoring that amongst African nations Türkiye has the most important commerce quantity with Egypt, Denizer stated: “This difference would gradually widen. After all, Egypt is a very large market with a population of 115 million.”
Touching upon Turkish investments within the nation, which he stated gives employment for round 70,000 and not directly for round 100,000 people, Denizer additionally stated they had been acquiring an annual turnover of $1.5 billion from these investments.
“An important part of this is exports from Egypt to third countries. In other words, there are successful Turkish investments in Egypt,” he famous.
He additionally highlighted the function of Turkish businesspeople in Egypt’s exports within the textile and attire sector, whereas he stated investments in different sectors embrace tourism, logistics and retail.
Source: www.dailysabah.com