Türkiye–Africa trade soars by 507pc in two decades

TURKEY: THE bilateral trade volume between Türkiye and Africa countries has skyrocketed over the past two decades, surging by 507 per cent thanks to strengthened economic ties and growing cooperation across key sectors.

Trade between the two partners rose to 32.8 billion US dollars (81tri/-) at the end of last year up from just 5.4 billion US dollars (13.3tri/-) recorded in 2003, according to the Türkiye’s Foreign Economic Relations Board (DEİK).

The DEİK President Mr Nail Olpak said Türkiye’s ultimate target is to push the trade volume up to 50 billion US dollars (123.3tri/-) in the coming years, underlining Ankara’s commitment to deepening engagement with the continent.

“We aims to strengthen economic relations with African countries with a perspective focused on a win-win principle, contributing to Africa’s integration, economic development, and industrial growth,” said Mr Olpak in a statement.

Türkiye’s exports to Africa have reached 21.5 billion US dollars last year, while imports totaled 11.3 billion US dollars in the same period.

As economic ties continue to expand, the partneship iniative extends towards hosting a two-day high level trade and investment forum between 16 and 17 of October this year at Istanbul Congress Center (ICC).

ALSO READ: TZ, Hungary rekindle ties

The fifth Turkiye-Africa Business and Economic Forum will be hosted by the Republic of Türkiye’s Ministry of Trade, coordinated by the African Union, and organized by DEİK.

In addition, this event edition will feature President Recep Tayyip Erdoğan, African Union Chairperson and Angolan President João Gonçalves Lourenço, and Türkiye’s Trade Minister Dr Ömer Bolat.

With the theme “leveraging Türkiye-Africa relations for mutual gains” the forum focuses on priority sectors including agriculture and food, renewable energy, transport and logistics, construction, mining, automotive, textiles, defense industry, and digital technologies.

According to organisers, the gathering is expected to attract over 4,000 business leaders from across Africa and Türkiye, alongside key financial institutions such as the African Development Bank (AfDB), Afreximbank, and Türk Eximbank.

Through its business councils in 48 African countries, DEİK continues to position Africa as a strategic partner in its global economic diplomacy.