Turkey: We will increase investment in Africa

President of the Foreign Economic Relations Board (DEIK) Nail Olpak expressed that the Turkish business world is determined to increase their investments and trade in Africa with President Recep Tayyip Erdogan’s 4-day African tour that will start today, the Turkey-Africa 3rd Economy and Business Forum (TABEF) to be held in Istanbul on October 21 and the African Investment Forum and Partnership Summit in December. Providing advice for Turkish investors, Olpak said, “The top priority sectors for Turkish investors in Africa are agriculture, energy, infrastructure and health in general. We see health in many aspects. Hungary, together with Turkey, is starting an investment in the field of health in Ghana, worth €160 million. It’s an important investment to consider.”


Explaining that there will be an intense African agenda in December, Olpak said, “There will be an African Investment Forum of the African Development Bank in the capital of Ivory Coast between 1-3 December. We have a ‘Go Africa’ program in Hungary with our Trade Minister. On 17-18 December, the 3rd Turkey-Africa Partnership Summit is held in Istanbul under the auspices of our President. Investments will be seriously considered within the framework of the customs union. We will evaluate the issues of digitalization, energy, health and health tourism, fisheries, infrastructure, banking and finance together.


Reminding that African countries have developed a more protectionist economy within themselves, Olpak said, “The African Union signed the African Continental Free Trade Area Agreement (AfCFTA) as of the end of last year. As DEIK, we prepared a report investigating what AFCFTA brought to Turkey on a sectoral basis. Accordingly, when we look at the countries exporting to Africa, at the first opportunity, it brings us a decrease of $50 million in exports. Instead of just exporting from here to there, let’s support ourselves with local investments and turn our market share in Africa to our advantage.”

Source: Sabah / Translated by Irem Yildiz

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