Türkiye’s external trade with OIC countries rises elevenfold, trade minister says

Trade Minister Omer Bolat stated Türkiye made significant strides in improving trade with member countries of the Organisation of Islamic Cooperation (OIC), remarking that the share of Islamic countries in Türkiye’s foreign trade volume has increased elevenfold since 2002.

Bolat referred to the share of Islamic countries in Türkiye’s foreign trade, which was only 11% by 2002 and rose to 26% in recent years by $130 billion in 2023, aiming to achieve 30% as soon as possible.

The Türkiye-Algeria Business and Investment Forum took place in Istanbul. It featured Trade Minister Omer Bolat, Algerian Ambassador to Ankara Ammar Bellani, Forum President Mohammed Ibrir, International Business Forum (IBF) President Erol Yarar, and 175 Algerian businesspeople.

Bolat announced plans to expedite negotiations on the Preferential Trade Agreement with Algeria, which began last year, saying, “There are many opportunities for collaboration in sectors such as investment, contracting, trade, finance, services, and transportation.”

Highlighting the strong ties between Türkiye and Algeria, Bolat added that Türkiye serves as Algeria’s gateway to Eurasia, while Algeria is Türkiye’s bridge to Africa.

‘Algeria Türkiye’s second-largest trade partner in Africa’

“We have implemented strategies and programs such as fostering relations with the U.S. and South America, the Re-Asia initiative, economic cooperation with the Islamic world, and the Distant Countries Strategy,” Bolat said, emphasizing Africa’s growing importance in Türkiye’s foreign trade policies, with trade volume increasing sevenfold from approximately $5 billion to $35 billion.

He noted that Algeria, after Egypt, is Türkiye’s second-largest trade partner in Africa. Last year, bilateral trade between Türkiye and Algeria reached $6.3 billion, with short-term plans to increase it to $7 billion and medium-term goals of $10 billion.

Bolat praised Algeria as the top African destination for Turkish investments, saying, “1,500 Turkish companies have invested $6 billion in Algeria, contributing to production, employment and exports. Turkish contractors have completed 12,330 projects in 137 countries, with Algeria hosting the largest contracting services in Africa.”

“We welcome the Algerian government’s efforts to encourage foreign investment and diversify exports beyond oil and natural gas. Türkiye leads in non-hydrocarbon investments in Algeria with 1,500 companies. We are pleased with the strengthening of Türkiye-Algeria trade relations,” Bolat concluded.