The World Cooperation Industries (WCI) Forum commenced in Istanbul on Wednesday, bringing together around 1,500 African businesspeople and representatives from Turkish small- and medium-sized enterprises (SMEs). The forum, running through Thursday, highlights the expanding trade relationship between Türkiye and Africa.
Turkish Trade Minister Omer Bolat, speaking at the event, noted that since the launch of the Strategy for the Development of Commercial and Economic Relations with African Countries in 2003, trade between Türkiye and Africa has surged from $5.4 billion to $37 billion. In the first nine months of 2024 alone, the trade volume reached $27 billion.
Bolat also highlighted the growth of Turkish diplomatic and trade presence in Africa, with the number of Turkish embassies increasing from 12 to 44, expected to reach 50 soon. Turkish trade consultancies have also expanded from four to 31 across the continent.
Africa, with a gross domestic product (GDP) estimated at $3 trillion and a growth rate of 3.7% this year, is becoming an increasingly influential economic hub. Bolat emphasized that Türkiye’s strategies with Africa are designed for mutual benefit, creating “win-win” outcomes. Turkish investments in Africa have grown from $67 million in 2003 to $2.3 billion in 2023, generating 100,000 jobs across various sectors, including food, textiles, construction, and energy.
Efforts to strengthen ties continue, with plans for more trade agreements and an increase in flights to Africa through Turkish Airlines. Existing free trade agreements with countries such as Morocco, Tunisia, Egypt, Mauritius, and Sudan further bolster trade relations. The upcoming Türkiye-Africa Business and Economic Forum, set for October 2024, will continue to deepen these connections.
