Turkey eyes to boost trade investment & economic ties with Africa

Posted on : Monday , 26th January 2015

 Turkey’s moves to gain more influence in African trade are “at the point of no return” and “should go on” despite the presence of giant competitors on the continent.

This was the view of economic analysts speaking ahead of President Recep Tayyip Erdoğan’s 12-country African visit starting this week. Erdoğan will begin his first visit of 2015 by visiting two East African states, Ethiopia and Djibouti.

Turkey has increased its interest in the largely developing Sub-Saharan countries in the last decade and has had a significant impact in the Horn of Africa region.

Sedat Aybar, an economist from Istanbul’s Aydın University, said Turkey was at the “point of no return” in the region and its opening-up to Africa should be supported for the country to reach “the strategic place Turkey has drawn for herself as a global player in world affairs.”

The second Turkey-Africa Partnership Summit was held in November 2014 in Malabo, the capital of Equatorial Guinea, six years after the first one in 2008; this period has seen Turkey become one of the largest donor countries with an aid volume nearing $1 billion, according to Aybar.  He added Turkey should cooperate more with other emerging countries in its investments to provide “complementary sectorial inputs,” especially in infrastructure.

The coordinating chairman of Turkish-African business councils in Turkey’s Foreign Economic Relations Board, Tamer Taşkın, said the biggest challenge for Turkish companies operating in Africa is financing.