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FMCG Turk
 FMCG Turk haberi 15.10.2020
Turkey-South Africa trade to rise in post-pandemic period
Bilateral trade totaled $1.3B in 2019

Bilateral trade and investments between Turkey and South Africa are expected to grow as the two countries recover from the effects of the novel coronavirus, the Turkish ambassador to South Africa said.

“I am confident that bilateral investments will further improve as our economies recover in the post-COVID-19 period and as growth prospects improve,” Elif Comoglu Ulgen, Turkey’s ambassador to South Africa, said in an interview with Anadolu Agency.

Ulgen said she is hopeful that with the African Continental Free Trade Agreement (AfCFTA) becoming effective soon will further increase the investment attractiveness of South Africa to Turkish businesses in the near future.

The AfCFTA is a free trade area among 54 of the 55 African Union members. The agreement was brokered by the African Union and signed in 2018. Earlier this year, the African Union announced that the AfCFTA will be effective on Jan. 1, 2021.

“I believe that Turkish investments could improve in the coming years as South Africa is taking firm steps to increase private sector participation in the energy sector and striving to return to a sustainable growth path through major infrastructure investments,” she said.

The ambassador also said Turkish companies are already actively seeking investment opportunities in the energy sector.

Considering the proven track record of Turkish contractors in infrastructure development projects worldwide, she said she is confident that the Turkish private sector will explore opportunities for public-private partnerships in the coming period.

South Africa is one of the priority destinations for Turkish businesses, being an open economy with a well-established market and high-quality infrastructure.

Ulgen said South African and Turkish investors already have noteworthy investments in each other’s territories and that she believes there is the potential to further improve bilateral investment flows.