According to World Bank data for 2014, 10 out of the 20 fastest growing economies are in Africa. The continent has a total population approaching to 1 billion, and is the next big thing for Turkish firms. Turkish firms invested in numerous fields in Africa, and now boast a total direct foreign investment figure of USD 6 billion. Turkey's total volume of trade with Africa, on the other hand, reached USD 25 billion.
PROJECT OPPORTUNITIES
Turkey's plan for reaching out to Africa dates back to 1998. The economic ties between Turkey and African countries were reinforced through the Strategy to Reinforce Commercial and Economic Ties with Africa adopted in 2003, Declaration of 2005 as the Year of Africa in Turkey, and naming of Turkey as a strategic partner of the African Union in 2008. Furthermore, Turkey became a member of the African Development Bank and African Development Fund in 2008, enabling Turkish firms to take part in all projects in Africa.
SUBSTANTIAL INTEREST IN TURKEY
Turkish businessmen are the objects of substantial interest in Africa. The horrible memories of the colonial era feeds Africans' suspicions about investors from many countries, while Turkish capital and goods are welcomed with trust and open arms. Thanks to such trust, Turkey increased its volume of trade with African continent by an annual average of 15.6 percent in the period 2003-2014.
DIRECT FLIGHTS AVAILABLE
Having expanded commercial ties with African countries, Turkey is also expanding its network of flights to Africa. Today, Turkish Airlines fly to more than 40 destinations in 30 African countries.
1,076 PROJECTS WORTH 54 BILLION DOLLARS
Turkish firms engage in many major infrastructure investments in Africa. In 2003, the total value of 35 projects undertaken in Africa was just 643 million Dollars. This figure grew to 50 construction projects worth 3 billion Dollars in 2013. The total value of the 1,076 projects Turkish investors undertook in Africa to date reached to 54 billion Dollars. This figure corresponds to 21 percent of Turkey's global trade volume.
COOPERATION IN THE FIELD OF MEDICINE
Turkey has bilateral cooperation agreements in the field of medicine, with approximately 20 African countries. In this context, Turco-Sudanese Research and Training Hospital with 150 beds, built in Sudan-Darfur-Nyala was recently opened as one of the most modern and well equipped hospitals of the region.