Türkiye boosting trade, economic ties with Africa

Türkiye boosting trade, economic ties with Africa

Türkiye boosting trade, economic ties with Africa

Türkiye is “strongly implementing” its strategy for developing commercial and trade ties with Africa, Trade Minister Ömer Bolat has said, noting that the trade volume between Türkiye and the continent has risen significantly over the past two decades.

Türkiye aimed to strengthen its ties with the continent in a balanced way under its “Strategy for the Development of Trade and Economic Relations with African Countries,” which was launched in 2023, Bolat noted.

The trade volume between Türkiye and Africa climbed from only $5.4 billion to $40.7 billion at the end of 2022, said the minister in a speech he delivered at the Türkiye-Africa Business and Economic Forum in Istanbul.

“Over the course of the past 20 years, our trade volume with the African continent has increased 7.5 times, while it had grown more than 11 times with the Sub-Saharan region.”

The latest data from the Trade Ministry showed that Türkiye’s export to Africa amounted to more than $15 billion in January-September, accounting for 8 percent of the country’s total export revenues. The country’s imports from African nations stood at $7.6 billion in the first nine months of the year.

Türkiye’s investments in the African countries have reached $10 billion, creating hundreds of jobs, contributing to the economic development of those nations, Bolat also said, adding that Turkish contractors have completed a total of 1,864 projects worth $85.4 billion in the continent.

He also noted that Türkiye had embassies in only 12 countries in 2022, but it increased the number of embassies to 44 in order to further boost ties with African nations.

Turkish Airlines has flights to 62 destinations in Africa, facilitating bilateral trade and helping African nations have access to other countries and the world, Bolat said.

He noted that more than 3,000 participants were attending the forum. This strong participation is an indication of the importance African countries attach to partnership and strengthening economic relations both among themselves and with Türkiye, according to the minister.

At the ministerial level, they held talks with ministers to discuss the development of in areas such as agriculture, manufacturing, infrastructure and transportation and tourism, Bolat added.

“Türkiye has always aimed to establish relations with the countries of the African continent on the basis of equal partnership, mutual respect… Our country will continue to contribute to Africa's development in all areas,” Bolat said.

More than 45 presidents and ministers and over 1,500 CEOs attended the Türkiye-Africa Business and Economic Forum, which was held in Istanbul between Oct. 12-13.

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