Ethiopia: Turkey Preparing to Create an Industrial Zone in Addis Ababa
Thursday, September 05, 2013
Turkish Foreign Minister, Ahmet Davutoğlu, speaking at the opening of the African Strategies Sectoral Evaluation Meeting in Ankara on Monday (September 2) is reported to have said Turkey was preparing to create a Turkish industrial zone in Addis Ababa, as part of the African policy which started in 2005.He said Ethiopians were aware that Turkey’s interest in Ethiopia was not passing fancy or mere calculation of temporary profits, adding “we also know that they don’t only offer a business opportunity but that they opened their hearts.” He stressed that between Turkey and Ethiopia there were not only economic but thriving social relations.
He said a Turkish firm invested $50 million in Ethiopia in 2005 and there were now 341 Turkish companies with a total investment of $3 billion in the country. Turkish companies, he said, can now take advantage of numerous opportunities in fields such as construction and trade. And not just in Ethiopia. The Turkish Cooperation and Development Agency (TİKA) has 30 offices in Africa, and the Undersecretariat for Foreign Trade another 25. The number of Turkish ambassadors in Africa has risen to 34 from 12 in 2005.
It has Free Trade Agreements with four African countries, as well as agreements to prevent double taxation and support mutual investments, and has established business councils with 17 African countries. Turkish Airlines flies to 35 African destinations. The amount of Turkish aid to Africa, with Somalia topping the list, has reached US$750 million.
Source: Ethiopian Government
Turkey seeks to increase presence in Africa
April 25, 2011
Turkey has embarked on a plan to increase its presence and interaction with Africa.
Turkish State Minister Zafer Çağlayan has urged Turkish businesspeople to consider Ethiopia as a gateway to African countries as well as called on Ethiopian businesspeople to use Turkey as a base to open up to markets in Europe and Asia.
Speaking at the opening of the Turkey-Ethiopia Trade and Investment Forum in Addis Ababa, Çağlayan said: “We have come here with a loan agreement in hand. The Turkish Eximbank will sign a $100 million loan agreement to support Turkish businesspeople investing in Ethiopia.”
Çağlayan said his visit aimed at developing relations further between Turkey and Ethiopia as well as boosting trade volume and encouraging Turkish and Ethiopian businesspeople to work together in third countries.
“Total trade of Turkey with whole African continent was $5 billion in 2003. This figure amounted to $17 billion in the past 7 years. Turkey’s exports to Africa increased to between $9 billion and $10 billion in the recent years,” he said.
“Turkey’s AYKA company in Ethiopia has the biggest textile factory in Africa,” he said.
The Turkish minister said Turkey’s prospective investments in Ethiopia would amount to some $1.4 billion, employing nearly 30,000 Ethiopian people.
According to the foreign trade minister, Turkey’s exports to Ethiopia are around $170 million annually, while it imports up to $45 million. “The African country’s total imports are $7 billion per year. If we show more of an effort, Turkey’s exports to Ethiopia will easily reach into the billions,” Çağlayan said.
Turkey has one of the fastest growing economies in the Middle East and is looking to expand business and investment ties to new regions other than Asia and the Middle East. This also highlights a growing importance of Turkey trying to spread its reach and influence which falls in line with Turkey’s current leadership whom are interested in raising Turkey’s global stature.