Turkish, African business leaders meet at World Cooperation Industries Forum

The World Cooperation Industries (WCI) Forum kicked off in Istanbul on Wednesday, gathering over 1,500 African business leaders with representatives from Turkish small and medium-sized enterprises (SMEs).

The two-day event is set to bolster economic ties and foster collaboration across multiple sectors.

Türkiye-Africa trade milestones

Speaking at the forum’s opening, Turkish Trade Minister Omer Bolat highlighted the rapid growth in trade between Türkiye and African nations, noting a sevenfold increase in trade volume since 2003. The figure soared from $5.4 billion to $37 billion over two decades. In the first nine months of this year alone, Türkiye’s trade volume with Africa reached $27 billion.

Bolat also pointed out the expansion of Türkiye’s diplomatic and economic presence in Africa, with the number of Turkish embassies on the continent rising from 12 to 44, and trade consultancies increasing from four to 31.

African economic growth and Türkiye’s role

Africa’s economic potential continues to expand, with its gross domestic product (GDP) estimated at $3 trillion this year and a 3.7% growth rate, according to Bolat.

He emphasized that Türkiye’s “win-win” strategy with Africa positions both parties for long-term benefits, particularly in sectors such as food, textiles, construction, mining and energy.

Investment and future cooperation

Turkish investments in African countries have also increased significantly, reaching $2.3 billion in 2023, compared to just $67 million in 2003. These investments have created 100,000 jobs across multiple industries in Africa.

Bolat mentioned ongoing efforts to deepen economic ties through free trade agreements with countries like Morocco, Tunisia, Egypt, Mauritius and Sudan, while also expanding Turkish Airlines’ flights to the continent.

Bolat further announced that the fifth Türkiye-Africa Business and Economic Forum is scheduled for next October, with participation from top Turkish and African officials.