Turkish – African Trade to Reach $30 Billion by the End of 2022
A significant increase in the value of Turkish exports to African countries in conjunction with the tremendous trade development between the two parties, amid expectations that the volume of Turkish exports to Africa will reach 30 billion dollars by the end of this year 2022.
A Significant Development in Trade and Investment Relations with Africa
With the beginning of the economic opening to the countries of the African continent initiated by Turkish President Recep Tayyip Erdogan, the volume of Turkey's trade exchange with these countries is witnessing a steady increase, amid expectations that the volume of Turkey's exports to African countries will reach $ 30 billion by the end of this year 2022.
In this regard, the Chairman of the Turkish-African Labour Councils (DEİK), Mr Fuat Tosyali, stressed during a speech on the occasion of the celebration of the Day of Industrialization in Africa the existence of a set of factors that have played a major role in strengthening trade relations between Turkey and the countries of the African continent, including the old historical ties between Turkey and the countries of the African continent, the strength of Turkish companies in trade exchanges, the quality of goods, and their competitive prices in the market.
Investments to More Prosperity
In his speech, Tosyali stressed that Turkish-African trade relations await a more prosperous future:
"We now have strong industrial investments in African countries, which is only the beginning of what is to come, looking at our trade relationship during the past ten years, we find that these relations have witnessed a remarkable development, while the volume of our investments in African countries was about $ 22 million in 2001, this volume reached $ 1.6 billion in 2021, achieving an increase of more than 7,000%, and there is no doubt that this development will be a driver for more in the coming days."
"Looking at African investments over the past twenty years, we find that they have achieved an increase of 665%, reaching $ 398 million, and this is also another evidence of the strength of trade relations between Turkey and African countries," Tosyali added.
Trade is Steadily Increasing
Speaking about the trade exchange between Turkey and African countries, Tosyali said: "On the trade level, Turkey's exports to African countries have made great progress during the past years, as the value of our exports to these countries increased from 15.3 billion in 2013 to 29.4 billion dollars in 2021, while this year the volume of our exports to African countries reached 18.5 billion dollars during the first nine months, and we expect to close this year's accounts on 30 billion dollars."
What are the Main Trade Sectors Exporting to Africa?
"Iron and steel accounted for 11% of our exports to Africa earlier this year, while automotive, machinery and plastics accounted for 20% of the value of these exports, and jewellery and metal industries accounted for 15% of these exports.
We are Ready to Share Turkey's Scientific and Practical Experience with the Countries of the African Continent
In another part of his speech, Tosyali stressed that the Turkish sectors work in contractual services with the African market in 150 sectors and that they provide goods to this market with European quality and Asian prices, and added: "Our economic sectors will contribute to providing high-quality goods to the African market at reasonable prices, and we are fully prepared to share all our scientific energies and practical experiences with the countries of the African continent."
Edited by Tebadul International Trade
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