Egypt, Turkey target $10 bln investments in four years

[Jefferson23]

By Reem Abdellatif/Daily News Egypt September 14, 2011, 5:58 pm


CAIRO: Egypt and Turkey will increase bilateral investments to $10 billion over the next four years, officials said in Cairo on Wednesday.

Turkish Prime Minister Recep Tayyip Erdogan and his Egyptian counterpart Essam Sharaf signed an agreement to increase and enhance the "strategic economic relationship" and boost investments at the Turkish-Egyptian Economic Forum on Wednesday.

"We can assure that over the next two years, investments Egypt will increase to $5 billion, reaching $10 billion in four years," said Erdogan.

Erdogan also said he wants to see Egypt involved in the European Union's Nabucco pipeline project, Reuters reported.

The 4,000 kilometer Nabucco pipeline project plans to transport central Asian gas through Turkey, Bulgaria, Romania and Hungary into Austria and western Europe with an annual transport capacity of 31 bcm.

He reached out to Egyptian businessman at the forum, encouraging them to seek investments in Turkey as the door for economic cooperation between both countries will always be open.

remainder: http://www.thedailynewsegypt.com/economy/egypt-turkey-target-10-bln-investments-in-four-years.html