Turkey’s wholesale exports to African countries on the increase!
Africa is the perfect candidate for Turkey’s ambitions.
The Turkish government set fundamental strategies to ensure continuous prosperity. In 2009, the government of Recep Tayyip Erdoğan launched the project “Turkish Exports Strategy for 2023”. The project aims to reach $500 billion of export (Joseph De Coster, 2018). To do so, Turkey is planning to expand the market of export by operating further-out of its traditional markets; Europe and the MENA region. Africa is the perfect candidate for Turkey’s ambitions. The continent is an untapped market, with a massive population estimated at 1.305 billion (Worldmeter, 2019).
The Turkey exports to Africa increased from 2003 to 2017 reaching $11.6 billion!
The Turkey exports to Africa increased from 2003 to 2017 reaching $11.6 billion whilst the imports did barely attain $7.1billion. Nevertheless, Turkey is economically very ambitious and wants to become in the top 10 world’s economies by 2023.
Turkey policy relies mostly on international trade to create new prospect for its economy. Thus “The Turkey Africa strategy” helped in strengthening its presence in Africa. Consequently, it led to facilitating trade operations and encouraged more business opportunities for both partners. Furthermore, Turkey is committed to reaching opportunities available all over the continent. To ensure the continuity of the long-lasting business relationship between Turkey and Africa, the Turkish ministry of economy and the African Union commission organized jointly the “The Turkey Africa Forum”. (waystocap)
Turkey - Africa Forum 2018
The Turkey Africa Forum took place in Istanbul in two executive days, hosting 3000 participants including 80 speakers and 60 ministers from 50 different countries. The forum program was very diverse; it incorporated conferences and presentations, panels, and government to business meetings (TABEF,2018).
The forum has for objectives to create a platform of dialogue between Turkey and Africa. This move will enable the two partners to discuss the current business situation, analyses the level of economic trade and seek new opportunities for Turkish investments in the continent. In addition, the forum will create future cooperation within the private sector entrepreneurs circle. Also, it will help in finding solutions for the obstacles challenging the affluence and progress of trade operations and market penetration. Overall, the Turkish government and African decision-makers are willing to facilitate the process of trade in terms of logistics and import/ export duties. Consequently, the two partners signed three important agreements called memorandum of understanding (MoU).
- The first pact is between the Senegalese Ministry of Mines and Geology and the Turkish Tosyalı Holding. This pact consists of serious investments in iron and steel initially in Senegal followed by the whole West African countries.
- Second, Turkey’s Trade Ministry and the African Union Commission signed a memorandum of understanding (MoU) for collaboration on trade and investment.
- Lastly, the third trade agreements were signed by the Turkish and Zimbabwean governments (hurriyetdailynews, 2018).
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