Türkiye and South Africa trade surpasses $2 billion, eyes growth

Turkish Trade Minister Omer Bolat has revealed that the total bilateral trade volume between Türkiye and South Africa has surpassed the $2 billion mark, highlighting substantial potential for further growth. The figures, accumulated over more than two decades, show Türkiye has exported $650 million worth of goods to South Africa while importing $1.35 billion.

New Framework for Enhanced Cooperation

To systematically expand this economic partnership, the two countries have signed a joint declaration to establish a Joint Economic and Trade Commission (JETCO) and a memorandum of understanding on free zone cooperation. Minister Bolat announced plans to lead a large delegation of Turkish investors and business representatives to South Africa in the first half of next year, where the inaugural JETCO meeting will be held.

Substantial Mutual Investments and Key Sectors

The economic relationship is underpinned by significant cross-investment. Approximately 80 South African companies are currently operating in Türkiye, while around 75 Turkish firms have invested in South Africa. Key sectors for collaboration and trade expansion include agricultural machinery, defense, automotive, mining, energy, and port operations, building on existing investments in household appliances, plastics, and electronics.

A Strategic Partnership Rooted in Mutual Respect

Minister Bolat emphasized Türkiye's strategic approach to Africa, initiated in 2003 under President Recep Tayyip Erdogan, which is based on "principles of equality, justice, and mutual respect." He described South Africa as the most developed and industrialized nation on the continent, with a total GDP of $3 trillion, and reaffirmed Türkiye's role as a "reliable, solid, and strong ally and partner for Africa."