Trade Minister Bolat Highlights Strategic Economic Partnerships in North Africa
Trade Minister Omer Bolat has announced plans to increase Turkish investments in Tunisia, emphasizing that increased investments will lead to greater trade and export opportunities for Turkiye. Speaking at the Turkiye-Tunisia Investment and Business Forum, organized in cooperation with the Foreign Economic Relations Board (DEİK) and the Tunisian Union of Industry, Trade and Handicrafts (UTICA), Bolat reviewed his recent visits to Algeria and Tunisia.
During his two-day tour, Minister Bolat, accompanied by Vice President Cevdet Yılmaz and Family and Social Services Minister Mahinur Ozdemir Goktas, participated in the 55th International Algiers Fair, where Turkiye was the guest of honor. Bolat highlighted the significance of these visits in strengthening bilateral relations between Turkiye and North African countries.
“The visits to Algeria and Tunisia have been highly productive,” Bolat stated. “We led a substantial delegation, including DEİK and members of the Turkiye-Algeria and Turkiye-Tunisia business councils. At the International Algiers Fair, 51 Turkish companies showcased their offerings.”
Launch of Preferential Trade Agreement Negotiations with Algeria
In Algeria, Bolat met with Algerian Trade and Export Promotion Minister Tayib Zituni. “We had fruitful discussions with my Algerian counterpart,” he noted. “We agreed to initiate negotiations for a Preferential Trade Agreement and to remove obstacles to trade and investment between our countries.”
At the Algiers Fair, Bolat expressed ambitions to elevate the bilateral trade volume with Algeria from $6.3 billion in 2023 to $10 billion. He also highlighted that Turkish contractors have undertaken 636 projects in Algeria, worth $21.3 billion, reinforcing the significant role of Turkish firms in the country.
Annual Turkiye-Tunisia Business and Investment Forum to be Established
Following his visit to Algeria, Bolat traveled to Tunisia to engage in official talks and participate in the Turkiye-Tunisia Investment and Business Forum. “In Tunisia, we held inter-delegation meetings with Energy, Industry, and Mining Minister Fatma Sabit Şibub and Trade and Export Development Minister Gülsüm bin Receb. We initiated significant efforts to address trade barriers and promote mutual investments,” Bolat reported.
The forum concluded with a decision to hold the Turkiye-Tunisia Business and Investment Forum annually, alternating between the two countries. Bolat also announced that a delegation from the Tunisian Energy, Industry, and Mining Ministry would visit Turkiye soon to engage with Turkish investors, and both countries agreed to participate in each other’s trade fairs.
Commitment to Close Economic Collaboration
Bolat reiterated Turkiye’s commitment to enhancing its investments in Tunisia, which currently amount to approximately $700 million. “Increased investments lead to increased trade, boosting exports from Turkiye to these countries. The expansion of Turkish businesspeople and the private sector globally brings new opportunities and advantages for Turkiye,” he explained. Bolat stressed the continued close cooperation between the two nations.
During his official meetings in Tunisia, Bolat emphasized a shared commitment to enhancing collaboration in trade, investment, contracting, and tourism. He expressed a determination to increase the current bilateral trade volume of $1.6 billion to $2 billion and subsequently to $3 billion in the near future.
Source: Trthaber / Prepared by Irem Yildiz