Algeria, Turkey Forge Strong Economic Ties, Aiming for $10 Billion Bilateral Trade in the Medium Term
BY: Hana Saada
Ankara, September 8, 2023 – Algeria and Turkey are set to embark on an exciting chapter of their bilateral relations, as Foreign Minister Ahmed Attaf revealed that the two nations are gearing up to sign a series of pivotal agreements during Turkish President Recep Tayyip Erdogan’s upcoming visit to Algeria.
In a spirited joint press conference held in Ankara alongside his Turkish counterpart, Hakan Fidan, Minister Attaf outlined the comprehensive range of agreements, spanning diverse sectors including trade, investment, energy, education, and culture. He remarked that these developments mark unparalleled progress in the history of Algerian-Turkish relations, poised to extend their cooperative efforts across all sectors.
“At this juncture, we’ve identified practical measures that will further bolster these achievements and sustain this momentum through the enrichment of our bilateral cooperation’s legal framework and the ongoing preparation of significant agreements,” emphasized Minister Attaf.
Expanding Economic Frontiers:
Highlighting the economic strides made, Minister Attaf noted that beyond their successes in metallurgy, steel, textiles, construction, and public works, the Algerian-Turkish economic partnership is expanding into previously uncharted territory. This expansion now encompasses renewable energies, mining, Saharan agriculture, and the pharmaceutical industry.
Moreover, Algeria and Turkey are committed to enhancing cooperation in cultural exchange, higher education, scientific research, and healthcare.
Ambitious Trade Goals:
Minister Attaf articulated the shared aspiration of both nations to elevate their bilateral trade to a remarkable $10 billion in the medium term. Algeria has now become Turkey’ second-largest trading partner in Africa, with bilateral trade having surpassed 5 billion DS, cementing its position as a pivotal destination for Turkish direct investments, valued at over 6 billion DS.
He also emphasized the burgeoning presence of Turkish enterprises in Algeria, boasting approximately 1,500 companies spanning various sectors and employing more than 30,000 individuals.
Africentric Cooperation:
In his address, Minister Fidan emphasized Turkey’s growing collaboration with African nations, underscoring the appreciation African countries have for Turkish initiatives based on mutual cooperation. He highlighted the potential for these initiatives to create common opportunities and foster economic revitalization on the African continent.
He noted the strategic importance of Afro-Turkish relations, signifying the broader impact these collaborations can have on the African economy.
With these agreements on the horizon, Algeria and Turkey are forging ahead on a path of multifaceted cooperation that is poised to bring substantial benefits to both nations while contributing to the broader development of the African continent. The imminent visit of President Erdogan is expected to mark a historic milestone in this dynamic and rapidly evolving partnership.
