Egypt, Turkiye consider using national currencies in trade

CAIRO, Aug 1 (KUNA) -- Egypt and Turkiye announced Tuesday they discussed using their respective national currencies in trade exchanges, and agreed to increase trade volume from USD 10 to 15 billion in the next five years.

This came during a visit paid by Egypt's trade minister Ahmad Samir to Turkiye upon an invitation from his Turkish peed Omar Bolat, the first visit between the two ministries in 10 years, Egypt's Trade and Industry ministry said in a statement.
The two sides agreed on holding a meeting of the joint committee in the near future to expand the standing free trade deal between the two sides, it added.
In addition, they agreed on boosting cooperation to provide required facilitations to investors, with the aim of increasing their investment, it noted.
They further had the same points on intensifying joint activities through their business organizations, in addition to encouraging firms to partake in the organized forums and exhibitions, it stated.
Meanwhile, the two sides held a gathering, in the presence of business community representatives of the two sides, to share ideas and assessment on developing commercial and industrial ties between the two countries.
The Turkish investment in Egypt hit USD two billion, while the projects carried out by Turkish contractors are estimated at USD 1.2 billion. (end) aff.hm.