Suez Canal Revenues Increased by $ 50 Billion

“Adel El Lameey” head of Egyptian-Turkish Business Council bare the direction of many of the Turkish businessmen to develop the Sinai and the east and west of the Suez Canal, by investing in agriculture and logistics.

He said in exclusive statements to “Al-Ahram” that the Turkish side awaiting the Egyptian government's projects of investment in these areas, especially as Turkey has extensive experience in these areas. Predicted to increase these projects from the competitive area of the canal, as will as double the canal's revenues to reach about $ 50 billion per year instead of the current rates which are very limited.

He explained that the new shipping line between the two countries will pass through it about 5% of the volume of Turkish exports, which target a region of the Arabian Peninsula, which will return large revenues on Egypt rather than the passage of these exports through Syria. He pointed out that “Port Said” Port has already received the ships coming from the Turkish port “Mersin” and in the case that this shipping line achieved its objectives it is expected to expand these shipping lines to include other Egyptian ports.

He noted that there are a competitive advantage for Egyptian products to be exported to the Turkish market, especially as the Turkish ships granted Egyptian products prices characteristic for transfer to Turkish ports, because the ships will be on her way back to the Turkish port “Mersin”, and thus will enhance the competitiveness of Egyptian products.

He explained that the Egyptian-Turkish relations is witnessing steady growth, with an increase in the volume of Egyptian exports to Turkey over the past year by 40%, and expected to reach the volume of Turkish investments in Egypt during 2012 and 2013 to about $ 5 billion. He noted that the Turkish side, will create a logistics center in Egypt for the distribution of Turkish goods to the entire Arab region, Egypt to become a major center for crossing their products to different markets.