Antalya, Turkey, Friday, April 28, 2017: Turkey and COMESA have signed a Memorandum of Understanding to promote industrial and technical cooperation.
Specifically, the MoU targets to boost business links between entrepreneurs in COMESA and Turkey through joint ventures, production and technology transfers. This will be facilitated through the Foreign Economic Relations Board of Turkey (DEIK).
COMESA Assistant Secretary General Ambassador Kipyego Cheluget and Mr Ömert Cihad Vardan, the President of DEIK signed on behalf of their respective organizations.
The signing was conducted on the sidelines of the First Turkey-Africa Agriculture Ministers’ Meeting and Agribusiness Forum, that took place in Antalya from 27 to 28 April 2017.
Turkey has so far signed 38 bilateral agreements on commercial and economic cooperation in Africa s part of efforts to boost economic exchanges with the continent. Seventeen of those are bilateral agreements on investment promotion and protection, and eight bilateral agreements on the prevention of double taxation.
The number of Turkish embassies in Africa has increased from 12 to 39 since 2009.
On trade volumes, Turkey-Africa trade increased fourfold from $5.47 billion in 2003 to $23.4 billion in 2014. Further, Turkish exports grew from $2.13 billion to $13.7 billion, while imports rose from $3.34 billion to $9.6 billion.
At the end of 2014, Turkish direct investment in the continent stood at over $6 billion. Turkish development aid to African countries was worth $772 million in 2012 and $783 million in 2013.