Turkey is seeking to increase its investment in Africa in a renewed move to bolster ties with countries on the continent.
The country has signed a Memorandum of Understanding between the Turkey-African Trade and Investment Council (TATIC) and the African Peace and Security Union (APSU).
The agreement was signed in Istanbul, by Muhammed Ali Cankatar, chairman of TATIC Turkey, and Roll Stephane Ngomat, chairperson of the African Peace and Security Union.
The agreement is aimed at promoting trade, security, free zone development, mining, credit carbon, environmental conservation, the learning capacity of women and children, and foreign direct investment programs.
“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 continental peace group in consultation through an advisory opinion will ensure 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 to establish a strong business presence in the African hinterland covering interest areas of Investment, Commercial, Infrastructure development, and security.
Muhammed Ali Cankatar on the other hand stated that TATIC is engaged in providing investment, infrastructure development, technology, and logistics services through public-private partnerships with African states.
“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, and 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 programs that promote peace, security, and stability in Africa, and foster development of the continent as well as forge a partnership between governments and all segments of the society in the 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 of July 2023.
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