Turkey and Africa Aim for 50 Billion Dollar Trade

Turkey-Africa Business and Economy Forum Concluded

Hosted by the Ministry of Trade, coordinated by the African Union, and organized by the Foreign Economic Relations Board (DEIK), the Turkey-Africa Business and Economy Forum (TABEF) has concluded at the Istanbul Congress Center.

Trade Volume Target: 50 Billion Dollars

The main theme of this year’s fifth forum was determined as "Strengthening Turkey-Africa Relations to Share Common Gains." In the closing remarks, President Recep Tayyip Erdoğan and Minister of Trade Ömer Bolat evaluated the preparations and emphasized Turkey's determination to strengthen its external economic relations despite the economic challenges in the world.

Historical Developments in Relations with Africa

Minister Bolat recalled the developments in relations with Africa that began in 2003, stating that Turkey became an observer in 2005 and a strategic partner in 2008. Since 2013, efforts have been carried out under the Framework of Africa Partnership Policy.

Trade Agreements and Investments

Bolat noted that trade and economic cooperation agreements have been signed with 50 African countries. He also announced that agreements have been made for the mutual promotion and protection of investments with 31 African countries. There are currently free trade agreements with 5 African countries.

Significant Increase in Trade Volume

The trade volume between Turkey and Africa is expected to reach 40 billion dollars this year. The target is to increase this figure to 50 billion dollars by the year 2028.

Growing Relations and Collaborations

Minister Ömer Bolat stated that Turkey's relations with Africa will strengthen, mentioning that significant panels were held in areas such as food security, health, energy, and transportation. The forum was attended by ministers from 26 countries and nearly 3,000 African businesspeople.