(MENAFN) Turkey targets to step up its mutual trade with the African region to USD50 billion, roughly 10 times the 2003 number of USD5.4 billion, the nation’s vice leader stated on Tuesday.

The trade ratio among Turkey and 54 African nations has increased sevenfold, hitting USD37 billion from 2003 to 2023, Cevdet Yilmaz stated following a meeting with Lesotho’s Premier Samuel Ntsokoane Matekane in Ankara, the capital of Turkey.

Underscoring Turkish investments in Africa, Yilmaz stated that investors from his nation have contributed nearly USD10 billion to the region. He also highlighted the accomplishments of Turkish contracting firms, which have carried out 1,977 projects worth USD91.6 billion in Africa.

“Our trade volume with Sub-Saharan African countries rose from $1.35 billion in 2003 to $12.4 billion in 2023. Turkish contractors have undertaken 445 projects with a total value of $26.7 billion in this region,” he stated.

Admitting limited growth in trade and investment ties with the Southern African country Lesotho in the past, Yilmaz showed optimism for a fresh era after Matekane’s trip.

“This visit by Prime Minister Matekane is historic, marking the highest-level visit from the Kingdom of Lesotho to our country. I believe it will be instrumental in advancing our relations and intensifying high-level engagements in the future,” Yilmaz said.

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