Latek plans $100 mln investment in Africa

Latek plans $100 mln investment in Africa

Eren Güler ISTANBUL / Hürriyet
Latek plans $100 mln investment in Africa

Latek Holding’s Board Director Erdoğan poses with Kenya’s foreign minister. Hürriyet photo

Latek Holding, which is active in the logistics, port management, food, chemical and textile sectors, is planning to invest $100 million in Africa within five years, according to the firm’s executive board director.

“Africa is a very important market. From hardware stores to construction, from energy to port management, and from storage to distribution, we plan to make several investments,” Levent Erdoğan told daily Hürriyet, adding that the company’s largest investment would be in the energy sector.

Latek Holding has made its largest investment to date in the Kenyan market, opening an LTKHome hardware store in Nairobi, Erdoğan said, adding that the East African port of Mombasa would give them access to a market of 150 million people.

“We will first focus on East Africa with our investments in Mombasa and then move down to South Africa,” Erdoğan said.

The products sold in the LTKHome hardware stores will be 100 percent Turkish, said Erdoğan, adding that they would introduce quality Turkish products to the African market.