Türkiye-Africa Forum Aims to Boost Trade Beyond $35 Billion Target

Istanbul prepares to host the Türkiye-Africa Business and Economic Forum on October 16-17, marking a significant step in strengthening economic ties between Türkiye and African nations. The high-level gathering comes as bilateral trade between Türkiye and African countries is projected to exceed $35 billion by year-end, demonstrating rapidly expanding commercial relations across the continent.

Trade Growth and Diversification

According to DEIK Chairman Nail Olpak, Türkiye's exports to Africa reached $14.6 billion during the January-August period, while imports from African nations totaled $7.7 billion. Key Turkish export sectors included machinery, iron and steel, automotive, and food products, while energy resources, agricultural commodities, and minerals dominated imports from African partners. The strategic plan aims to increase trade volume to $40 billion next year, with ambitions to reach $50-70 billion in subsequent years.

Olpak emphasized the importance of diversifying both products and markets beyond traditional partners like Egypt, Morocco, Algeria, and Libya. The new strategy focuses on green energy projects, infrastructure development, agriculture, health technologies, and digital transformation. Critical components include expanding financing through Turkish Eximbank, promoting free trade agreements, and increasing Turkish defense industry presence in African markets.

The forum will highlight Türkiye's win-win approach to African partnerships, emphasizing local production partnerships and logistics centers to enhance market access. Significant attention will be given to increasing educational opportunities for African students through expanded scholarship programs. High-level attendance is expected, including Turkish President Recep Tayyip Erdogan, First Lady Emine Erdogan, and Trade Minister Omer Bolat, alongside numerous African government officials and business leaders.