Turkish businesses get ready to tap into Africa’s vast potential as The Chamber of Commerce and Industry in Bursa plans an Egyptian industrial zone, offering seamless entry to a USD 2.5 trillion market through Egypt’s advantageous location and trade deals.
Africa’s economic rise presents a compelling opportunity for Turkish exporters. Recognizing this potential, The Chamber of Commerce and Industry in Bursa is taking a bold step: establishing an industrial zone in Egypt. This strategic move aims to unlock Africa’s vast market for Turkish goods across diverse sectors like textiles, automobiles, and advanced technologies.
This was discussed during a meeting on Tuesday between Ahmed Samir, the Egyptian Minister of Trade and Industry, and representatives from the Chamber of Commerce and Industry in Bursa, as well as representatives of the Federation of Turkish Chambers of Commerce and Industry.
A strategic gateway to Africa
Egypt emerges as an ideal launchpad for Turkish businesses. Its free trade agreements with major markets like the European Union, the US, and the Arabian Gulf grant Turkish products preferential access, reducing tariffs and expediting export processes. Additionally, Egypt’s well-developed infrastructure, including ports and logistics networks, ensures efficient delivery across the continent.
Capitalizing on growth
Minister of Trade and Industry Ahmed Samir said that the zone would be a catalyst for export growth. He highlighted the robust trade relationship between Egypt and Turkey, which surpassed USD 5.875 billion in 2023. Notably, Egyptian exports to Turkey surged by 28%, showcasing the potential for further collaboration. The industrial zone positions Turkish companies to capitalize on Africa’s projected GDP growth of 4.5% in 2024, exceeding the global average.
Optimizing efficiency and benefits
According to Samir, the Chamber has evaluated potential locations within Egypt, prioritizing the needs of member companies. Minimizing operational costs and maximizing benefits for participating businesses is paramount and the focus on efficiency is intended to ensure that Turkish companies can compete effectively in the African market.
Beyond Egypt
The initiative also holds wider significance. It signifies Turkey’s growing commitment to diversifying its export markets and strengthening its economic ties with Africa. The success of the new Egyptian zone could pave the way for similar ventures in other promising African nations, further amplifying Turkish trade on the continent.
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