Turkish steelmaker to cut Senegal’s import dependency

Dünya Executive - - BUSINESS -

Turkish steelmaker Tosyali Holding will make an investment in Senegal to reduce the west African country’s dependency on steel imports, its chairman said. “Senegal is dependent on imports of rebar and steel, so we have decided to invest in the country at the invitation of the Senegalese authoritie­s,” Fuat Tosyali told Anadolu Agency.

Once completed, the new investment will meet the steel needs of not only Senegal but also the region. “It will be the biggest industrial investment in Senegal,” Tosyali said, adding Senegal’s interest in Tosyali Holding stemmed from the company’s investment and production performanc­e in every segment of the iron and steel sector. Tosyali Holding and Senegal’s Mines and Geology Ministry signed a memorandum of understand­ing during the second edition of the Turkey-Africa Economic and Business Forum held on October 10.

The company plans to lay the foundation for the new investment by the end of this year. “We are not only focusing on Senegal,” Tosyali said. “We have prepared a multistage investment plan that includes other influentia­l countries in the region.” In the first stage, the company will be able to provide raw material from Turkey and Algeria and build a facility in Senegal with the target of producing one million tonnes of rebar. “This investment will enable Turkey to export semi-finished materials to other countries and substitute imports in other countries,” Tosyali added.

Encourag ng SMEs n Afr ca

Tosyali Holding already has a prominent steel facility in Algeria and its investment in Algeria has reached $3 billion. “We produce more than four million tonnes. Our production will surpass 6 million tonnes and then, in the next stage, will produce two million tonnes more,” Tosyali said.

According to Tosyali, Turkish investors contribute positively to developmen­t and social life on the African continent. “Other countries see Africa as income while making investment­s there. Turkish investors not only build industrial plants but also encourage the formation of new SMEs,” he said. “This attitude makes Turkish investors more preferable for Africans.”

Newspapers in English

Newspapers from Turkey

© PressReader. All rights reserved.