The Turkish-African Business and Economic Forum kicked off with the attendance of approximately 4,000 business-people from 54 African countries, including Egypt, as well as representatives from governments and the private sector from across the continent.
Themed as “Facing Global Economic Uncertainty: Strengthening the Turkish-African Partnership,” the forum, hosted by the Ministry of Trade, coordinated by the African Union, and organized by the Foreign Economic Relations Board, commenced at the Istanbul Congress Center.
African participants called for enhanced cooperation in the fields of technology and climate change, emphasizing further investments in the continent, not just for the transport of raw materials, but also for their supply, production, and joint cooperation.
Turkish Trade Minister Omer Bolat stated that the volume of trade between Turkey and African countries exceeded $37 billion last year, and expressed his hope that it would reach $40 billion this year.
He added that back in 2003, the volume of trade exchange was worth $5.4 billion.
Turkish investor investments in industry, agriculture, and services across Africa have now reached $15 billion, he explained, stating that they are making significant contributions towards the development of African countries and helping hundreds of thousands of Africans find employment.
Furthermore, Turkish contractors have participated in 2,043 development projects in African countries to date, completing construction projects worth nearly $100 billion.
He added that global economic uncertainty will be addressed and the partnership between Ankara and the African continent will be strengthened.
The minister highlighted the importance of cooperation in the food security sector, infrastructure financing, technology and digital manufacturing, healthcare, textiles and value chains, energy and mining, and logistics sectors.
He continued: “In an atmosphere of global economic uncertainty, political tensions, increasing protectionist trade practices and trade wars, and the grave challenges facing the rules-based multilateral international trade system, the Turkey-Africa Business and Economic Forum plays a pivotal role in strengthening strategic partnerships between Turkey and African countries, as well as among African countries themselves.”
Bolat added that the Justice and Development Party government launched a strategy toward Africa in 2003 with the aim of deeply and strategically developing relations in all areas, including economic, commercial, cultural and social relations between Turkey and all countries of the African continent, and developing them on the basis of justice, equality and mutual benefit for both sides.
The head of the Commercial Representation, Abdel Aziz al-Sherif, said that 1,400 Turkish companies currently operate in Egypt, and their presence serves as a bridge between Turkey and Africa.
He added that in order to support and unite both sides it is important to emphasize renewable energy and digital transformation, explaining that increasing the volume of trade exchange is important for the African continent.
Industry, sustainable development, and capacity building must be also pursued to push bilateral cooperation between African countries and Turkey.
African Union Commissioner for Economic Development, Trade, Tourism, Industry, and Mining, Francisca Tatchouop Belobe, said that Turkey’s experience in infrastructure and industry will benefit Africa. She stated that the forum will witness important discussions to develop trade and investment opportunities.
Belobe noted that Ankara and Africa must prioritize infrastructure development and manufacturing, especially since Turkey’s experience in construction, manufacturing, and logistics will be extremely beneficial to the continent’s industrial sector goals.
She explained that the global economy is more uncertain now, from disruptions to supply chains and food security, to energy issues, climate change and geopolitical tensions.
Turkey and Africa have great opportunities to address these challenges, she noted.
She stressed the importance of several key issues in the partnership and cooperation between Turkey and Africa, and continued: “When developing trade and investment between Turkey and African countries, regional value chains should be expanded rather than simply engaging in bilateral trade.”
It should also focus on different foreign markets, and partnerships should ensure comprehensive change.
She also stressed the importance of empowering women, youth, and small and medium-sized enterprises, significantly enhancing innovation, and prioritizing joint investments in infrastructure and manufacturing.
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