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Turkey and Africa: the volume of exports and investments

 Turkey has increased its investments in African countries that top the list of the world's fastest growing economies.

An Anadolu Agency report stated that Turkey was one of the four most present countries in that continent during the last ten years, along with China, Brazil and India.

According to the information of the 2019 Foreign Investment Index report of the Turkish Foreign Economic Relations Board, the country's investments in Africa rose by 11%, recording $46 billion, despite the decline that occurred last year in global foreign investment flows.

Turkey and Africa: the volume of exports and investments

International companies have increased investments in raw materials in the region, and Kenya, Morocco and Tunisia were among the countries that attracted investments.

Turkish-African relations continue to grow in several areas, such as economy, investment, economic cooperation and diplomatic relations.

Construction:

Tamer Taskin, head of coordinators of the Turkish-African labor councils at the Turkish Council on Foreign Economic Relations, said that Turkish construction companies practice their activities in Africa in many areas, such as infrastructure, construction of ports, roads, dams, stadiums and hospitals.

He added that the recovery of the construction sector in Africa is increasing Turkish exports to many commodities used in construction, such as cement, glass, rebar and ceramics.

the trade exchange:

Turkish Statistics Authority data indicate that the volume of trade exchange with Africa (exports and imports) increased last year by 14.1 percent compared to 2017, reaching $21.5 billion.

The value of Turkish companies' exports to Africa during the first nine months of this year amounted to 11.5 billion dollars, the highest value of exports so far during three quarters of the year, while imports during the same period amounted to 4.3 billion dollars.

Exports of Turkish industrial products to Africa accounted for $10 billion during the first nine months of the year.

According to the data, the sectors with the highest value of exports to Africa are steel, chemicals, automobile manufacturing, cereals, legumes, oilseeds and machine spare parts.

Turkey aims to reach 50 billion dollars in foreign trade with Africa by 2020.

Last October, President Recep Tayyip Erdogan said that relations with Africa are almost in their golden age, adding that the volume of joint trade exchange amounted to 24 billion dollars.

During his participation in the Third Summit of Muslim Religious Leaders in Africa - which was held in Istanbul - he stressed that Turkish investors focus not on selling their products only, but also projects that contribute to creating job opportunities and developing the African continent.

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