Egypt’s trade relations with Turkey are “very robust and balanced,” reflecting a healthy economic partnership between the two countries, according to Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib. Egypt and Turkey “have highly diversified exports, which strengthen their trade relationship,” Khatib said in an interview with Anadolu. “Turkey is the first export destination to Egypt globally and Egypt is one of Turkey ’s most significant trade partners in Africa, while Türkiye is the top export destination for Egyptian goods,” he added. Khatib landed in Turkey on Monday to attend the opening session of the 40th Ministerial Conference for Trade Ministers of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (OIC). His talks in Turkey aimed at exploring ways to enhance trade and investment relations between Ankara and Cairo. According to the minister, the bilateral trade volume reached $6.9 billion in 2023, with Egypt’s exports at $3.6 billion and imports from Turkey totaling $3.3 billion. By the year-end, he said, the trade volume could reach $8 billion. In September, Egyptian President Abdel Fattah al-Sisi paid a landmark visit to Ankara following a visit by Turkish President Recep Tayyip Erdogan to Cairo in February. During the visit, the two leaders signed 17 new agreements to enhance bilateral cooperation, especially in the fields of trade and investment. They also signed a mutual declaration for the first meeting of the High-level Strategic Cooperation Council between the two countries. Khatib called the mutual declaration a “turning point towards building a new chapter for cooperation between Egypt and Turkey , and exploring new paths for cooperation based on mutual benefits and solidarity.” – New industrial parks Khatib said both Cairo and Ankara agreed to develop two new industrial parks in Egypt. “The first project, located in the New Administrative Capital, will span 2.1 million square meters and is expected to cost $120 million. The second project is located in New October City and will be over 2.6 million square meters,” he added. The minister said that both Egypt and Turkey aim to increase their trade volume to $15 billion within a few years “through improving the infrastructure and business environment for joint venture projects and investments, eliminating any obstacles of trade exchange and investments.” “I am fully convinced and optimistic that the outcomes of this strategic partnership will be witnessed very soon,” the minister said. “The figures for trade volume investment flow and projects are very satisfying and reflect momentum in the mutual relations.” – Key sectors for growth Khatib said both Egypt and Turkey have “very good potential” for growth in the fields of chemicals, petrochemicals, textiles, apparel, automotive, furniture, building materials, pharmaceuticals and medical supplies. “There is significant potential for growth in bilateral trade between Egypt and Türkiye, given their strong industrial and agricultural capabilities,” he added. The minister said trade in services, including telecommunications, tourism and construction, also has “promising” opportunities. “Additionally, expanding the Free Trade Agreement (FTA) to include a wider range of agricultural goods would significantly enhance trade opportunities,” Khatib said. “Turkey is currently Egypt’s largest importer, and increasing access to the Turkish market for Egyptian agricultural products could further improve competitiveness internationally,” he added. “In return, Egypt would benefit from Turkish agricultural products that help meet local demand and stabilize prices.” – Regional challenges On obstacles to advancing trade and investment relations, Khatib pointed to regional instability and disrupted supply chains as significant hurdles. “The ongoing conflicts, instability, and disrupted supply chains in the region pose risks to the global economy, including both our countries,” he noted. Regional tension has escalated due to Israel’s ongoing war on the Gaza Strip, which has killed over 43,400 people, mostly women and children, since last year. The conflict has spread to Lebanon with Israel launching massive airstrikes on the country, killing more than 3,000 people since last year amid cross-border warfare with the Hezbollah group. The conflict has also involved Yemen’s Houthi group, which began to attack commercial ships in the Red Sea in a show of solidarity with Gaza. “Despite these challenges, Egypt has successfully positioned itself as a leading destination for foreign direct investment (FDI),” Khatib said. “In 2023, Egypt was recognized as the top investment destination in Africa for the second consecutive year, capturing 18.6% of Africa’s total FDI, amounting to $52.6 billion. Globally, Egypt ranked 32nd in FDI attraction, with net FDI flows reaching $46.1 billion in 2023/2024.” – Turkish investment in Egypt Khatib said Turkish investments in Egypt reached $3 billion, primarily in the manufacturing and services sectors, employing over 50,000 Egyptians in the textile sector alone. “The Turkish investments in Egypt are growing fast,” he said. “With the increase of Turkish investments in Egypt, which contributed significantly to the Egyptian exports globally, and at the same time, most of the Turkish investors in Egypt import different products from Turkey (raw materials – intermediate commodities). This is reflecting the concept of integration and the mutual benefits.” To support Turkish investors, the Egyptian minister said a specialized unit within the General Authority for Investment and Free Zones (GAFI), Egypt’s government investment arm, will be established, aimed at “providing personalized assistance and resolving any challenges they may encounter.” – Joint ventures in Africa Khatib said there is “wide room for cooperation” between Egypt and Turkey in Africa. “The potential for trade and investment opportunities is huge, especially after the African Continental Free Trade Area (AfCFTA) entered into force and fully implemented,” he said. “Egypt could be an industrial and logistical hub for Turkish products and commodities to access African markets. Construction companies could find a base ground to work together in Africa,” the minister added.

Egypt seeks further support from the IMF to address economic challenges and accelerate its green transition, with a focus on sustainable development and climate resilience.

Rival Palestinian groups Hamas and Fatah met in Cairo to discuss forming a joint committee to manage Gaza following Israel’s ongoing offensive.

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Egypt’s net foreign assets fell by $3.53 billion in August, reaching $9.72 billion, following a peak in May, as the country engages in renewed talks with the IMF for financial support.

Egyptian President al-Sisi and CIA Director Burns discussed mediation efforts for a Gaza cease-fire and urgent humanitarian aid entry, with ongoing negotiations facing challenges.

The two countries are recognizing the potential for mutual benefit and are working together to attract more visitors.

Egypt’s Foreign Minister Badr Abdelatty stated on Saturday that without a ceasefire in Gaza, there “will be no peace or security” in the region. During a news conference with Ukrainian Foreign Minister Andrii Sybiha, Abdelatty condemned Israel’s actions, emphasizing that “in the twenty-first century, we cannot accept a policy of starving over 2.2 million Palestinians in the Gaza Strip.” Sybiha criticized Russia’s invasion of Ukraine, linking it to various global crises. “This war in Ukraine is not just about Ukraine; it’s about restoring a world order based on international law,” he said. He also announced that Ukraine is planning another Global Peace Summit, inviting Russian representatives to participate. Israel’s Netanyahu rejects Egyptian cease-fire initiative in Gaza  Israeli Prime Minister Benjamin Netanyahu rejected an initiative proposed by Egypt on Sunday for a short-term cease-fire with Hamas in the Gaza Strip. Egyptian President Abdel Fattah al-Sisi announced the proposal, according to Israeli media. “We proposed a cease-fire in the Gaza Strip for two days to exchange four (Israeli) hostages for some (Palestinian) prisoners, and then negotiations would take place over 10 days to turn the cease-fire into a permanent truce,” al-Sisi said during a joint press conference with Algerian President Abdelmadjid Tebboune in the capital Cairo. Despite the support of most Israeli ministers for the Egyptian proposal, Tel Aviv decided to reject the deal due to opposition from Netanyahu, who emphasized that “negotiations will take place only under fire,” according to Israel’s Channel 12. The channel confirmed that Israel’s security establishment also supported the proposal. Israel estimates that around 101 of its citizens are still being held captive by the Palestinian group Hamas in Gaza amid concerns that some of them may have already been killed in indiscriminate Israeli airstrikes across the densely populated area. Efforts led by the US, Egypt and Qatar to secure a cease-fire and facilitate a prisoner swap between Israel and Hamas have so far stalled, with Netanyahu refusing to consider ending the conflict. The Israeli army has continued a devastating offensive on the Gaza Strip since a cross-border incursion by Hamas last October, despite a UN Security Council resolution demanding an immediate cease-fire. Nearly 43,000 people have since been killed, mostly women and children, and over 100,000 others injured, according to local health authorities. The Israeli onslaught has displaced almost the entire population of the territory amid an ongoing blockade that has led to severe shortages of food, clean water and medicine. Israel also faces a genocide case at the International Court of Justice for its actions in Gaza.

Egypt proposes a two-day Gaza cease-fire to exchange hostages for prisoners, aiming to establish a lasting truce.

Egypt and the US discussed the urgent need for a cease-fire and humanitarian aid in Gaza and Lebanon, calling for an end to Israeli escalations.

Egypt’s economy is projected to grow by 4.0% by June 2025 as it begins to recover from austerity measures linked to an International Monetary Fund (IMF) program, according to a recent Reuters survey of economists. The poll, conducted from October 9 to 23, anticipates GDP growth will accelerate to 4.7% in the fiscal year 2025/26 and rise further to 5.3% by 2026/27. In the current fiscal year 2023/24, GDP growth is expected to fall to 2.4%, down from 3.8% the previous year. Key challenges include a currency crisis and ongoing conflict in neighboring Gaza, which have negatively impacted tourism and Suez Canal revenues. Earlier this year, Egypt secured a major agreement with the UAE’s ADQ sovereign fund for $24 billion in development rights for real estate along its Mediterranean coast. This deal facilitated an $8 billion financial reform package with the IMF in March. James Swanston from Capital Economics noted that while Egypt’s economic outlook is gradually improving, strict fiscal policies will remain essential to address the budget deficit and the debt-to-GDP ratio. He highlighted that the benefits of a weaker pound are beginning to materialize. Although inflation is slowing, it is expected to remain high, with forecasts of 20.4% for 2024/25 and 11.4% for 2025/26. Inflation slightly rose to 26.4% in September, down from a peak of 38.0% in 2023. The IMF also estimates a 4.1% growth rate for Egypt’s economy in 2025. Analysts predict further depreciation of the Egyptian pound, forecasting it to reach about 50.4 per dollar by the end of June 2025 and 52.0 by June 2026. The central bank previously maintained the pound’s value at 30.85 to the dollar until it was allowed to float in March 2024; the current exchange rate is around 48.8 to the dollar. Additionally, analysts expect the central bank’s overnight lending rate to decrease to 22.25% by June 2025 and further to 14.25% by June 2026, providing much-needed support for households and businesses in the coming years.

Egypt hosted a meeting with Hamas leaders in Cairo, aiming to revive stalled ceasefire talks between Israel and Hamas with mediators from Egypt and Qatar.

Egyptian President Abdel Fattah al-Sisi and Iranian President Pezeshkian discuss regional developments amid escalating tensions at the BRICS summit.

Putin and al-Sisi met during the BRICS Summit to discuss strengthening economic ties and advancing joint projects, including Egypt’s first nuclear power plant.

Egypt’s sovereign dollar bonds declined after Saudi Crown Prince Mohammed bin Salman’s visit failed to materialize into concrete investment commitments.

Egypt has successfully eliminated malaria, a disease that has plagued the country for centuries.

Abdel Fattah al-Sisi urges action for peace in Gaza and Lebanon with calls for cease-fire and hostage exchange efforts.

Egypt’s fuel prices have risen again, adding to the financial strain on Egyptians already grappling with high inflation and economic challenges.

Iran’s top diplomat and Egypt’s president met in Cairo to discuss preventing the escalation of regional conflicts and intensifying efforts for ceasefires in Gaza and Lebanon.

 Iranian Foreign Minister Abbas Araghchi arrived in Cairo late Wednesday, according to an announcement from Foreign Ministry spokesperson Esmail Baghaei on X. His visit comes amid heightened anticipation of an Israeli strike on Iran following a retaliatory missile attack by Tehran against Israel earlier this month. Baghaei shared a picture of Araghchi’s arrival in Cairo, saying, “We just arrived in Cairo. Iran and Egypt are significant countries with rich histories and civilizations, and they are influential players in the region.” He added that “important discussions will take place on Thursday with senior officials in Egypt.” The official Iranian news agency, IRNA, reported Araghchi’s arrival as part of a regional tour to meet senior Egyptian officials, noting a formal reception. IRNA pointed out that the last visit by a senior Iranian official to Egypt occurred 14 years ago when Hossein Amir-Abdollahian, the late Iranian foreign minister, traveled to the Egyptian capital for the inauguration of President Abdel Fattah al-Sisi. Cairo is the eighth stop on Araghchi’s tour, which began two weeks ago “to coordinate efforts aimed at halting the crimes of the Zionist entity and activating a cease-fire in Gaza and Lebanon,” according to IRNA. The top diplomat’s visit is his first since he assumed his foreign minister’s post two months ago. He arrived from Jordan and is expected to visit Türkiye, following stops in Lebanon, Syria, Saudi Arabia, Qatar, Iraq and Oman. Earlier Wednesday, Egyptian Foreign Minister Badr Abdelatty disclosed in statements that Araghchi’s visit is part of “Egyptian efforts to de-escalate tensions in the region.” Regional tensions have escalated due to Israel’s brutal offensive on the Gaza Strip, which has killed more than 42,400 people, mostly women and children, following a Hamas attack last year. The conflict has spread to Lebanon, with Israel launching deadly strikes across the country, which have killed more than 1,500 people and injured over 4,500 others since last month.

Egypt’s Foreign Minister Badr Abdelatty and his Spanish counterpart José Manuel Albares Bueno renewed calls for cease-fires in Gaza and Lebanon during a meeting in Cairo on Wednesday, October 16. Abdelatty emphasized that true security and peace cannot be achieved without addressing the legitimate rights of the Palestinian people, stating, “There is no security or stability in this region without the establishment of a Palestinian state.” Albares echoed the sentiment, advocating for an “immediate permanent cease-fire in Gaza and a truce in Lebanon,” stressing that Spain, along with Egypt and other international partners, has consistently called for these measures since the outbreak of violence. Spain is one of three European countries to have recognized Palestine as a state and has recently urged the EU to reconsider its trade relations with Israel. Prime Minister Pedro Sanchez also called for an end to arms exports to Israel.

His tour also includes meetings in Jordan, Lebanon, and other countries amid rising regional tensions.

Egyptian President Abdel Fattah al-Sisi and Saudi Crown Prince Mohammed bin Salman on Tuesday called for “steps towards de-escalation” and a cease-fire in Gaza and Lebanon. During a meeting, the two leaders emphasized that “the establishment of a sovereign Palestinian state, in accordance with international legitimacy resolutions, is the only path to achieving sustainable ceasefire, peace, and security in the region,” said the Egyptian Presidency in a statement. Al-Sisi and bin Salman called for “steps towards de-escalation, including a ceasefire in the Gaza Strip and Lebanon, as well as addressing the worsening humanitarian conditions, and halting policies that push the region to the brink of further conflict.” “Attempts to liquidate the Palestinian cause would lead to the continuation of conflict in the region,” they pointed out. The two leaders also discussed several regional issues, with a focus on the security of the Red Sea region, as well as the situations in Sudan, Libya, and Syria. They agreed to form an Egyptian-Saudi Supreme Coordination Council and signed an agreement to encourage and protect mutual investments between the two countries, according to the statement. Earlier, Egyptian President Abdel Fattah al-Sisi welcomed Saudi Crown Prince Mohammed bin Salman on Tuesday upon arrival at Cairo airport. On Sept. 16, bin Salman met with Egyptian Prime Minister Mostafa Madbouly in Riyadh to discuss enhancing cooperation between the two countries. In June 2022, during a visit to Egypt, bin Salman held talks with Sisi during which they affirmed their shared stance and common destiny, culminating in the signing of 14 investment agreements. In November 2023, the Egyptian president and the Saudi crown prince met in Riyadh and called on the international community to intervene to halt Israeli military escalation in the Gaza Strip.

The Grand Egyptian Museum has opened 12 halls showcasing ancient Egyptian artifacts in a trial run ahead of its official opening.