Turkey-South Africa cooperation on the table

Foreign Economic Relations Board THE

(DEIK) Turkish-South African Business Council and the Turkish Embassy in Pretoria held a webinar last week titled Turkey- South Africa Interconnected Business Series Global Supply Chain, attended by senior officials from both countries. •n the agenda was the future of the global supply chain after the pandemic and collaboration opportunities for Turkish and South African stakeholders.

Dr. Fatih Kemal Elbiclioglu, DEIK Turkey-South Africa Business Council Chairman, who made opening remarks, stated that Africa offers attractive business opportunities enabled by its fast-growing population and markets. South Africa, one of the largest economies on the African continent, stood out with its favorable investment environment, logistics networks and free trade agreements with several countries, he added.

For his part, Cas Coovadia, CE• of Business Unity South Africa (BUSA), the largest business organization in South Africa covering 95% of the country’s businesses, pointed out the bilateral trade relations between the country and Turkey. Coovadia stated that South Africa is the leading trade partner of Turkey, covering 18% of Turkish trades. “The bilateral trade is USD1.8 bn, according to 2019 figures. Turkish exports to South Africa amount to USD500m while its imports are USD700m. 70 Turkish companies, operating in the mining and textile industries, have investments in South Africa totaling USD600m,” Coovadia said. He also stressed the country’s interest in Turkish tourism and added that Turkey is the preferred destination for vacations for him and his wife.

Husnu Dilemre, Ministry of Trade International Agreements and European Union General Secretary, stated that South Africa is Turkey’s largest trade partner in sub-Saharan Africa. “•ur trade with South Africa surpassed USD 26bn, a 5-fold increase in less than 20 years,” Dilemre said. “Turkish direct investment to South Africa exceeds USD 6bn. The total value of the construction projects we took also reached USD70bn.” He underlined the significance of opportunities for two countries in automotive, household appliances, mining, renewable energy and infrastructure sectors.

According to the data from the Ministry of Trade, South Africa’s share in Turkish legal residents’ real foreign investments is %0.02 with a capital position of USD 8.7m. The total amount of investments made with Turkish capital in South Africa comes to USD 511m.

Judi Nwokedi, General Secretary of the Black Business Council, stressed Turkey’s position as the second-largest investor in Ethiopia. This can also happen in South Africa, she noted. “Cape Town-based Biovac, which has taken on crucial vaccine programs on the continent, is having ongoing talks with international companies. As South Africa, we are close to developing our vaccine for C•VID -19. We invite Turkey to talk about this,” said Nwokedi.

The opening speeches of the webinar also included Turkey’s Ambassador, Elif Comoglu Ulgen and the Acting Head of South African Trade Industry and Competition Department’s division for investment attraction and facilitation, Yunus Hoosen.

Bilateral operation opportunities in the automotive and steel-engineering industries as well as the white goods and logistics industries were discussed in separate sessions moderated by DEIK Turkey- South Africa Business Council Vice President, Polat Sen, and attended by executives of Turkish and South African companies.