NEWS

 

Turkiye wants to play a significant role in the economies of Africa by developing strong and long-lasting diplomatic ties based on solid principles and respect for one another in all spheres. The expansion of Turkish investments on the continent is evidence of the evolution of Turkey`s relationship with Africa. The most recent data is very encouraging for the partnership between Africa and Turkey, which is founded on the idea of win-win situations and a spirit of cooperation.

 

Growing volume trade between Turkiye and Africa

 

The volume of trade between Turkiye and Africa has grown over the last 20 years from $5.4 billion to $25.3 billion in 2020. In the first 11 months of 2021 alone, it reached $30 billion. Its target is to reach $75 billion. To date, 39 of the 54 African signatory countries have already completed the formal process to join the African Continental Free Trade Agreement (AfCFTA).

 

In December 2022, preliminary figures from the Trade Ministry showed that exports from Turkey increased by 3.1 percent from a year earlier to USD 22.9 billion. Shipments increased by 12.9% to USD 254.2 billion from January to December of 2022 (source: Trading Economics).