Türkiye aims to boost bilateral trade with Africa, targeting USD50 billion
Date
11/20/2024 7:00:45 AM
(MENAFN) Türkiye is aiming to significantly boost its bilateral trade with Africa, setting a target of USD50 billion, nearly 10 times the USD5.4 billion trade volume in 2003. This ambitious goal was announced by Türkiye's Vice President, Cevdet Yilmaz, after a meeting with Lesotho’s Prime Minister, Samuel Ntsokoane Matekane, in Ankara. The trade volume between Türkiye and the 54 African countries has already grown sevenfold, reaching USD37 billion from 2003 to 2023.
Yilmaz also highlighted the substantial investments made by Turkish businesses in Africa, with approximately USD10 billion contributed by Turkish investors. Additionally, Turkish contracting companies have played a significant role in the continent’s development, having undertaken 1,977 projects valued at USD91.6 billion. Specifically, trade with Sub-Saharan African countries has surged from USD1.35 billion in 2003 to USD12.4 billion in 2023, and Turkish contractors have carried out 445 projects worth USD26.7 billion in the region.
The vice president acknowledged that trade and investment relations with Lesotho have been limited in the past but expressed optimism that the visit by Prime Minister Matekane would mark the beginning of a new era in relations between the two countries. He described the visit as historic, as it was the highest-level visit from Lesotho to Türkiye, and believes it will pave the way for deeper engagements in the future.
Yilmaz reaffirmed Türkiye’s dedication to supporting Africa's development across various sectors, emphasizing a partnership based on mutual respect and brotherhood. He also pointed to Turkish Airlines' extensive network in Africa, with flights to over 60 destinations across the continent, and the active presence of Turkish institutions and foundations, underscoring Türkiye’s commitment to strengthening ties with African nations.
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