Turkish companies have committed to $500 million in new investments in Egypt after a visiting business delegation met the prime minister for the first time in a decade, the Egyptian cabinet said, the latest sign of a thaw in relations.
Diplomatic relations between Egypt and Türkiye were severed after Egyptian President Abdel Fattah al-Sisi, then army chief, led the 2013 overthrow of the Muslim Brotherhood's Mohamed Mursi, a close ally of Türkiye.
Relations began thawing in 2021, part of a push by Türkiye to ease tensions with several regional powers. Though Egyptian officials have been more cautious about reconciliation, President Recep Tayyip Erdoğan and Sisi met and shook hands during the 2022 World Cup in Qatar.
"Regardless of any previous political disagreements, we have always been keen to maintain the relations between our peoples and our close economic and commercial cooperation," Egyptian Prime Minister Moustafa Madbouly said in a cabinet statement released late on Wednesday.
Trade ties between Türkiye and Egypt have continued despite the diplomatic freeze, but both countries have recently been looking to bolster regional financial ties to help their ailing economies.
The businesses visiting Egypt, some of which already have operations there, represent industrial development, textiles, clothes manufacturing, electronics, and medical supplies, the statement said. Turkish investments in Egypt total $2 billion, it added.
Sisi spoke by phone to Erdoğan last week offering condolences and support after the deadly earthquake that struck Türkiye this month.
Egypt also sent five military planes to Syria and Türkiye with medicines and medical supplies, the ministry of defense said on Friday.
