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Turkey Turkey has set its eyes on expanding trading ties with Africa. It already is a major presence in North Africa, which accounted for 7.3% of its exports in 2009 and 2.5% of its imports, but it also wants to have a presence in the rest of the continent. In March, President Abdullah Gül indicated that Turkey has established a target of bilateral trading volume with Africa of $30 billion within the next few years. This would be almost double the $16 billion figure of 2010, which was 220% above the level of 2003. Turkey has embassies in 22 African countries and will increase that number to 32 by 2013.

Turkey’s % of Total Exports 2003 2004 2005 2006 2007 2008 2009 Source: UNCTAD

North Africa 3.3% 3.5% 3.5% 3.6% 3.8% 4.4% 7.3%

Sub Saharan Africa 1.2% 1.2% 1.5% 1.7% 1.8% 2.4% 2.7%

In October, on a visit to South Africa, Prime Minister Recep Tayyip Erdogan called for the implementation of a free trade area agreement and the waiving of visa requirements between the two countries to increase trade. There are 50 Turkish companies doing business in South Africa including two Turkish-owned coal mines. In July, Turkish consumer electric company Arcelik bought South African white goods manufacturer Degy for $230 million. Turkish Airlines now flies to Algeria, Egypt, Ghana, Kenya, Libya, Morocco, Nigeria, Senegal, South Africa, Sudan, Tanzania, Tunisia and Uganda. The Turkish textile industry has outsourced work to Ethiopia. Off the coast of Mauritania, Turkish fishing vessels are engaged in industrial fishing. TAV Airports Holdings built the Enfida International Airport on the northeast coast of Tunisia. It has a concession to run the airport for 40 years. The company also operates the Habib Bourguiba International Airport in Monastir under a 40-year concession. On his trip to North Africa in September, Prime Minister Erdogan took 280 businessmen and women. Over $850 million in new deals were signed during the stopover in Egypt where Turkish investment is about $1.25 billion. Before the outbreak of the rebellion in Libya, 110 Turkish construction firms had projects worth $23.6 billion. Libya was the most important country for Turkish construction companies.

Joab’s Technologies and Research, Natu Court Flat B.

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Equity Research in Africa, Like an Electric Train Africa is picking up, a True Emerging Market  
Equity Research in Africa, Like an Electric Train Africa is picking up, a True Emerging Market  

Economic analysis of Africa as a whole, as well as of particular countries and sectors, with special regard to their potential as investment...