TURKEY SEEKING TO INCREASE INVESTMENT IN AFRICA
Turkey is seeking to increase its investment in Africa in a renewed move to bolster ties with countries in the continent.
The country has now signed a Memorandum of Understanding between Turkey-African Trade and Investment Council (TATIC) and African Peace and Security Union (APSU).
The agreement was signed in Istanbul by Muhammed Ali Cankatar , chairman of TATIC Turkey and Roll Stephane Ngomat the chairperson of African Peace and Security Union. The parties came together in a spirit of peace, friendship, and mutual cooperation to form the agreement to promote trade, security, free zone development, mining, credit carbone, planting of trees, learning capacity of women and children, foreign direct investment programs and all related requirements.
"The African Peace and Security Union will provide all assistance to TATIC in all development activities within the space of the African states by facilitating and promoting the activities in all projects linked to Agenda 2063, Sustainable Development Goals (SDGs), and free trade agreement implementation," explained Ngomat.
The African Peace and Security Union will sure to advocate for the involvement of TATIC in development activities and humanitarian affairs and assistance in African countries. Roll Stephane Ngomat stated that this agreement will help TATIC and its subsidiaries establish strong business presence in Africa, covering interest areas of Investment, Commercial, Infrastructure development and security.
Muhammed Ali Cankatar on the other side stated that TATIC is engaged in providing investment, infrastructure development, technology and logistics services through public-private partnership with African states.
Chairman of the Turkey-African Trade and Investment Council (TATIC) Muhammed Ali Cankatar with Roll Stephane NGOMAT of African Peace and Security Union (APSU) during the signing of the Memorandum of Understanding (MoU) in Turkey. / Photo by Courtesy
"Africa has a combined area of 30.37 million km2 (11.7 million sq mi) and an estimated total population of about 1.3. billion. The African states have undertaken to develop an internal single market through a standardized system of laws that apply in all African states in those matters, and only those matters, where states have agreed to act as one," said Cankatar.
The policies aim to ensure the free movement of people, goods, services and capital within the internal market, enact legislation in justice and domestic affairs. Mr Ngomat said that the African Peace and Security Union is guided by its vision of supporting Policies and programmes that promote peace, security and stability in Africa, foster development of the continent, and forge partnerships between governments and all segments of society in particular private sector and professional groups.
He also acknowledged that the mandate of their initiative creates a platform for business networking and collaborations leading to increased volumes of trade and investment for countries and businesses.
The agreement was signed in Turkey on the 6th July 2023.
NB: Oduor Is The Bridge correspondent based in Nairobi, Kenya.