The World Cooperation Industries (WCI) Forum kicked off on Wednesday in Istanbul and is expected to bring together some 1,500 African businesspeople with representatives of Turkish small and medium-sized enterprises (SMEs) through Thursday.
Trade Minister Ömer Bolat said at the opening of the forum that since the adoption of the Strategy for the Development of Commercial and Economic Relations with African Countries in 2003, the trade volume between Türkiye and continental Africa has shot up from $5.4 billion to a whopping $37 billion.
“In the first nine months of the year alone, the trade volume between Türkiye and Africa reached $27 billion,” he said.
Meanwhile, the number of Turkish embassies in African countries quadrupled from 12 to 44 over the same period, and this is expected to reach 50 in the near future, he said. Similarly, Turkish trade consultancies only existed in four African nations at the time, a stark difference from today’s 31.
Bolat said Africa assumed an active role with its large economic potential and increasing weight – as the continent is estimated to have reached $3 trillion in gross domestic product (GDP) with 3.7% overall growth this year.
The continent’s growth potential indicates that it will become a hub in the medium to long term, he said, and Türkiye’s strategies with Africa offer “win-win” outcomes.
Via the strategy, Türkiye’s investments in African countries rose to $2.3 billion in 2023 from $67 million in 2003 in stocks, making up $10 billion in market value, while creating 100,000 jobs in Africa in many sectors, such as food, textiles, construction, mining, energy and more.
Bolat said efforts to make new agreements with African nations continue, as the number of flights via Turkish Airlines to the continent rises and cooperation opportunities are put on the table through joint economic commissions.
The free trade agreements (FTAs) Türkiye has with Morocco, Tunisia, Egypt, Mauritius and Sudan also contribute to the trade.
He added that the biennial Türkiye-Africa Business and Economic Forum to be held for the fifth time next October will include top Turkish officials and representatives from Africa.
