Istanbul: The Trkiye-Africa Business and Economic Forum (TABEF) is set to serve as a pivotal platform for enhancing the economic partnership between Trkiye and African nations. The mutual trade volume between the regions is anticipated to surpass $35 billion by the conclusion of the year.
According to Anadolu Agency, Nail Olpak, chair of the Foreign Economic Relations Board (DEIK), highlighted that Trkiye's exports to Africa amounted to $14.6 billion, while imports from Africa totaled $7.7 billion from January to August. The primary exports from Trkiye included machinery, iron and steel, energy, automotive, electrical appliances, plastics, and food products such as flour, pastry, and oil. In contrast, energy, automotive, cocoa, agricultural products, and minerals were the significant imports from Africa, reaching $11.3 billion last year.
Olpak outlined Trkiye's ambition to achieve $40 billion in trade with Africa in the initial phase starting next year, with goals to increase it to $50 billion and $70 billion in the subsequent years. He emphasized the importance of diversifying products and moving away from an export structure mainly centered on countries like Egypt, Morocco, Algeria, and Libya. Key areas of focus include green energy and infrastructure projects, agriculture and food security, health technologies, digitalization, textiles, and contracting businesses.
Trkiye's relationship with Africa is grounded in a win-win principle, Olpak stated, with a strategy plan that includes expanding Turkish Eximbank financing opportunities, promoting free trade and investment incentives, and increasing Turkish defense industry presence. Additionally, there is an emphasis on entering the African contracting services market and enhancing the number and value of scholarships for African students. This strategy aims to bolster Trkiye's presence in North Africa and extend into Sub-Saharan Africa through competitive Turkish products facilitated by logistics centers and local production partnerships.
The upcoming Trkiye-Africa Business and Economic Forum, scheduled for October 16-17 in Istanbul, is expected to witness the participation of Turkish President Recep Tayyip Erdogan, first lady Emine Erdogan, and Trade Minister Omer Bolat, alongside high-level representatives from African nations. The event will prioritize sectors such as agriculture and food, renewable energy, mining, automotive, textiles, transportation and logistics, contracting, defense, and digital technologies. Over 4,000 businesspeople from all African countries and Trkiye are anticipated to attend the forum.