Türkiye aims to achieve a trade volume of $40 billion (TL 1.67 trillion) with Africa this year, following a surpass of $37 billion in 2024, according to Trade Minister Ömer Bolat, who made the announcement on Thursday.
Speaking at the 5th Türkiye-Africa Business and Economic Forum in Istanbul, Bolat said the gathering comes at a time of rising global uncertainty, protectionist trade policies and challenges to the rules-based multilateral trading system, News.Az reports citing Turkish media.
“Therefore, the Türkiye-Africa Business and Economic Forum provides a valuable platform and plays a critical role in strengthening strategic partnerships between Türkiye and African countries, as well as among African countries themselves,” he said.
“We are very pleased to develop our relations in depth and strategically in the fields of economic, commercial, cultural and social relations between Türkiye and all countries in the African continent, and to develop them on a fair, equal and win-win basis for both parties, and we will continue to implement these policies even more strongly,” he furthered.
He recalled that Türkiye’s total trade volume with Africa has increased more than sevenfold since 2003, when it stood at $5.4 billion.
“(This figure) exceeded $37 billion last year and will hopefully reach $40 billion this year. More than a seven-fold improvement has been achieved.
“In addition, Turkish contractors have also contributed significantly to the development of Africa by taking part in 2,043 development projects in African countries and completing construction works worth nearly $100 billion,” he said.
Bolat highlighted that Türkiye’s flag carrier, Turkish Airlines (THY), connects Africa to the rest of the world through Istanbul, flying to 62 destinations in more than 40 African countries.
He added that the Turkish Cooperation and Coordination Agency (TIKA) and other Turkish aid groups continue to carry out major cultural, social, and humanitarian projects across the continent.
“Nearly 3,000 businesspeople from African countries have registered and come here to attend the summit. Thousands of Turkish businesspeople will also be here, meeting with their African counterparts,” the minister said.
“There will be panels on more than seven important topics. Six of my Turkish minister colleagues will be participating in panels here today and tomorrow, and they are ready for bilateral business meetings with you. In addition, business forums will be held in some countries,” he added.
The 5th Türkiye-Africa Business and Economic Forum is being held at the Istanbul Congress Center on Oct. 16-17. The event is organized by the Foreign Economic Relations Board (DEIK) in cooperation with the African Union (AU) and hosted by the Trade Ministry.
Over the two-day forum, panels will explore themes such as competitive and collaborative textile value chains, financing Africa’s infrastructure needs, pharmaceuticals and medical supplies, a Türkiye-Africa logistics hub, women’s leadership and entrepreneurship, food security, energy and mining, civil aviation cooperation, digital trade and manufacturing.