Turkey, African countries sign trade pacts in Istanbul

ISTANBUL

A Turkish-African business meeting in Istanbul bore fruit on Oct. 10 in the form of three new pacts with both private and public concerns.

Zimbabwe, Senegal and the African Union all signed deals with parties in Turkey during the Second Turkey-Africa Economy and Business Forum in Turkey’s economic hub.

The first agreement—a memorandum of understanding (MoU)—was signed by Senegal’s Mines and Geology Ministry and Turkey’s Tosyalı Holding for the company to invest in iron and steel in the West African country.

“This investment will meet all steel needs of Senegal in the first run and of the whole region in the following period,” Tosyalı Holding Chair Fuat Tosyalı said in a follow-up press release.

Another MoU was signed between Turkey’s Trade Ministry and the African Union Commission for collaboration on trade and investment.

The last trade cooperation pact was signed by the Turkish and Zimbabwean governments.

The two-day forum, which started on Oct. 10 in Istanbul, is bringing together 3,000 African and Turkish businesspeople.

The forum was organized by Turkey’s Foreign Economic Relations Board in coordination with Turkey’s Trade Ministry and the African Union Commission.