Africa and Turkey Sign Agreement for Economic and Business Forum

The African Union Commission and the Government of Turkey have signed a Cooperation Framework Arrangement on organising the Third Africa-Turkey Economic and Business Forum in Istanbul, Turkey.

The Cooperation Framework Agreement was signed by Ambassador Albert Muchanga- AU Commissioner for Economic Development, Trade Industry and Mining, and Ambassador Yaprak Alp, Ambassador of the Republic of Turkey to Ethiopia.

The Forum which is expected to take place between 21^st and 22^nd October 2021, will welcome Turkish and African leaders together with corporate business directors, industrialists, and investors.

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Ambassador Muchanga noted that the timeliness in signing the Cooperation Framework serves as a means of scaling-up the private sector’s active participation towards the achievement of economic transformation for Africa.

This, he said, will help strengthen productive capacities, enhance competitiveness, diversification in all sectors and enhance substantial value addition.

“As we stand now, tremendous milestones have been passed toward ensuring smooth preparations, including documentation as well as logistical preparations.
“Our principle should be to improve living standards of our people through enhancing private sector development, thereby increasing our countries’ economic growth and development.”
Albert Muchanga

Also, he stated that the Africa-Turkey Economic and Business Forum has over the years, created great opportunities to generate critical investments through active collaboration among the entrepreneurs.

On her part, Ambassador Yaprak highlighted the trade and business aspects of the agreement as among the most dynamic parts of the African Union-Turkey relationship.

She further observed that starting trading under the African Continental Free Trade Area (AfCTFA) will not only boost intra-African trade but also to strengthen trade and investment links between Turkey and Africa.

“For this to be fully functional, more pan-African investment networks and infrastructure are required. Turkey would be honoured to play a positive role in this vein through the interface of the African Union.
“These and many other issues will be explored in Istanbul, and I hope this will be a new turning point in Africa-Turkey trade and economic relations.”
Yaprak Alp

Expectations from Economic and Business Forum

It is expected that the meeting will be held under the theme ‘Deepening Turkey-Africa Strategic Partnership: Trade, Investment, Technology and Logistics’.

Participants at the forum will review past performance, examine existing challenges, and further discuss strategic ways for boosting trade and investment, and find comprehensive ways of strengthening the entire economic relations between Africa and Turkey.

As stated by the African Union (AU), the Forum is set to provide an opportunity for participants drawn from Public and Private sectors in Africa and Turkey, to engage in a wide array of strategic exchanges and discussions.

The Forum, AU believes, will help to jointly identify ways to scale up the private sector engagement as a catalyst for sustainable and inclusive development.

“While the public sector has a responsibility to create an enabling environment for businesses to thrive; the private sector, equally plays a key role in among others, [by] enhancing trade and investment, expanding innovations and resource mobilization for investment in socio-economic projects.”
African Union

Meanwhile the African Union disclosed that “increased investment is a prerequisite for the realization of Africa’s Agenda 2063”.

Agenda 2063 is Africa’s blueprint and master plan for transforming Africa into the global powerhouse of the future.

“It is the continent’s strategic framework that aims to deliver on its goal for inclusive and sustainable development and is a concrete manifestation of the pan-African drive for unity, self-determination, freedom, progress and collective prosperity pursued.”
African Union