Turkey, Africa agree to en­hance eco­nomic part­ner­ship

Daily Sabah (Turkey) - - Money -

TURKEY and a num­ber of African coun­tries have signed a joint dec­la­ra­tion with a view to im­prov­ing part­ner­ship for de­vel­op­ment and eco­nomic in­te­gra­tion.

Ac­cord­ing to the dec­la­ra­tion, the Turkey-Africa Econ­omy and Busi­ness Fo­rum em­pha­sized di­ver­si­fy­ing Turkey-Africa part­ner­ships.

The two-day fo­rum, which be­gan Wed­nes­day in Is­tan­bul, brought to­gether 3,000 African and Turk­ish busi­ness­peo­ple.

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

The Turk­ish side showed its will­ing­ness to fur­ther strengthen the eco­nomic and com­mer­cial ties with African coun­tries, the dec­la­ra­tion said.

The next fo­rum will be held in 2020, it added.

The dec­la­ra­tion rec­om­mended the launch of a joint ac­tion plan to ex­am­ine the pos­si­bil­i­ties of re­mov­ing tar­iffs and ob­sta­cles to trade while pro­tect­ing the “sen­si­tive sec­tors” in African coun­tries. The pri­vate sec­tor’s ac­tiv­i­ties on both sides should be sup­ported in or­der to fos­ter mu­tual in­vest­ment and trade, it said.

Turkey and the African Union de­cided to form a part­ner­ship in de­sign, in­spec­tion, fi­nanc­ing and man­age­ment of projects to re­duce en­ergy costs and in­crease ac­cess to elec­tric­ity, drop trans­port costs, boost in­tra-African trade, en­sure wa­ter and food se­cu­rity and in­crease global con­nec­tiv­ity.

It added that the par­tic­i­pat­ing coun­tries will take the nec­es­sary mea­sures to en­cour­age Turk­ish and Af- ri­can en­ter­prises as well as fi­nan­cial in­sti­tu­tions to ex­pand in­vest­ment and par­tic­i­pate in in­fras­truc­ture projects through var­i­ous means, like PublicPri­vate Part­ner­ships (PPPs) and Buil­d­Op­er­ate-Trans­fer (BOT) mod­els.

Mu­tual in­vest­ments to build more di­ver­si­fied economies in Turkey and in Africa will also be en­cour­aged, it said.

The dec­la­ra­tion noted that the pri­vate sec­tor’s in­vest­ments in ar­eas like agri­cul­ture, elec­tric­ity pro­duc­tion, trans­mis­sion and de­liv­ery fa­cil­i­ties, avi­a­tion, mar­itime, ed­u­ca­tion and health were pri­or­i­tized for the de­vel­op­ment of small and medium-size en­ter­prises (SMEs).

The dec­la­ra­tion called on Turk­ish and African fi­nan­cial in­sti­tu­tions to en­hance co­op­er­a­tion, in­clud­ing open­ing more branches in their re­spec­tive coun­tries.

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