Turkey sees Egypt as a gateway to its exports to the Middle East market. Eman Youssef reports from Istanbul on the 10th International Business Forum The 10th International Business Forum (IBF) was convened in Istanbul on 22 November in the presence of over 2,500 merchants and industrialists from 55 countries. The fair displayed a vast array of products such as machine tools, automotive, spare parts, electrical and electronic goods, textiles and garments, furniture, construction and building materials, foodstuffs and beverages, as well as packaging materials. Egyptian Minister for Trade and Industry Rachid Mohamed Rachid, who led the Egyptian delegation, emphasised that entrepreneurs from both Egyptian and Turkish sides met to develop joint investment, trade and cooperation facilities in order to become larger powers in international business. Rachid made the comment following his participation at a panel discussion among ministers of participating Islamic countries, aimed at creating more jobs in the Islamic world. Speaking to the Weekly, he said, "The topic of our panel discussion was 'The Financing of Industrial Investments Projects and Increasing Foreign Trade', and we pursued discussions in that line during the four-day forum." The forum also included bilateral match-making meetings to promote cooperation in manufacturing and trade projects. Rachid attended the IBF opening ceremony, which was also attended by Turkish Prime Minister Recep Tayyip Erdogan and Foreign Trade Minister Kursahd Tuzmen. Chairman of the Cairo Chamber of Commerce, Ali Moussa, said he met with most of the ministers of Islamic and Arab countries participating in the IBF, emphasising that the event was an opportunity to learn from the experience and achievements of many international and Islamic companies. He said that the fair was a great opportunity to meet international professionals and interact with them face-to-face in making business agreements. He also particularly highlighted the stance of Egypt in one IBF session when they called for encouragement for the private sector, allowing it to boost trade relations amongst Islamic countries. He further remarked on proposals, supported by Egypt, made by many participants of the event who suggested holding the forum annually, in a different Islamic country each year. The IBF provided unique opportunities for the business community all over the world to pursue their individual trade and investment interests, according to Emre Oztelli, commercial counsellor at the Turkish Embassy in Cairo. Oztelli stated that the forum aimed to promote greater support for Small and Medium Enterprises (SMEs), to enable them to play a pivotal role in accelerating growth, providing employment and mobilising local resources for global competitiveness. Turkey, with a booming export- oriented apparel industry, is slowly penetrating the markets of the Middle East, with Egypt as an obvious candidate to lead the pack. "Turkish companies regard the fair as the best event to market their products to the greater Middle East and to develop business opportunities in this region", noted Oztelli. The 11th Independent Industrialists and Businessmen's Association, (MUSIAD) International Trade Fair was held parallel to IBF, attracting 40 Egyptian companies in various fields alongside 500 companies from 60 countries. More than 160,000 visitors visited the fair. The IBF and its side exhibition, which hosted 435 foreign and Turkish companies, were sponsored by the Association of Independent Turkish industrialists, the Organisation of Islamic Conference (OIC), and the Turkish Ministry for Foreign Trade. Executives from the Islamic Chamber of Commerce and Industry, Islamic Development Bank, Organisation of the Islamic Conference (OIC), several ministers and chairmen of chambers from Syria, Egypt, Kuwait, United Arab Emirates, Saudi Arabia, Algeria, Morocco, Iran, Pakistan, Kazakhstan, South Africa, Australia, Singapore attended the IBF and international fair. As a consequence of the event, a protocol was signed between the Cairo and Istanbul Chambers of Commerce, aiming to increase Turkish investments in Egypt. The Egyptian Ministry of Trade and Industry lobbied for investment opportunities in Egypt during the IBF, with the help of over 100 Egyptian businessmen. Rachid pledged to provide businessmen with any help required to invest in Egypt and said he received many favourable inquiries for prospective investors. "We urged them to benefit from the Egyptian law on foreign investors and the special strategic location of Egypt, which is a gateway to investing in the Middle East", he stressed. The fair, which was held at CNR Expo Exhibition Centre, provided a good opportunity for Turkey's market as well as for the region. This fair played significant role in bringing business people from all over the world to the business hub of the region and giving easy access to Europe, Middle East, Asia, North Africa markets with robust industrial and financial infrastructure, according to Omer Bolat, Chairman of MUSIAD. Furthermore, it had the potential to contribute almost $2 billion to the economy of the country in real terms, and through international promotion. Turkish-Egyptian relations were high on the agenda for both countries. "With Egypt, we share strong religious, cultural and ethnic elements, and therefore a strong sense of penetration within these markets. Taking advantage of those objective factors, we are ready to collaborate with any serious candidates for trade and investment in those regions," said Bolat. The balance of trade between the two countries amounted to $1 billion in 2005, with Turkish exports to Egypt worth $700 million and Egyptian exports at $300 million. Turkish exports include cars, spare parts, plastic, wood and chemical products, while Egyptian exports to Turkey are rice, cotton, petroleum products and raw materials. Commenting on the Turkish economy, Bolat said that the expected deficit of $50 billion in foreign trade and $30 billion in current accounts showed that there was more to be achieved. He further asserted that for expanding international companies, Turkey provides an attractive investment destination not only as a fast growing emerging economy itself, but as a means for expanding into the European or Central Asian markets. According to Bolat, in Turkey, the influence of businesses independently impacting economic policies, promoting trade, and even influencing the society in general was extraordinary. "Everybody wants to see the developments and reforms made on Turkey's road to EU membership," he stated. Bolat has commented that over the past three years Turkey's trade with its Muslim neighbours has more than doubled, to 11 per cent from five per cent of total trade, a trend that he expected will continue. State Minister for Foreign Trade Kursat Tuzmen delivered a speech at the opening of the fair. He stressed that Turkey was trying to strengthen the bonds not only with the EU countries but also with Muslim and Arab countries. Tuzmen remarked that his dream was free trade and open boarders and customs, and highlighted steps Turkey was taking in this direction. "Turkey's far-reaching structural and legislative reforms, undertaken within the framework of the customs union with the European Union, have led to improved market access and a more secure trading environment for all investors and traders", said Tuzmen. MUSAID was a necessary step towards the goal of inter- country investment and free trade. "Turkish companies regard the fair as the best event to market their products to the greater Middle East and to develop business opportunities in this region," said Tuzmen.
