Turkey to Establish Industrial Zone in Ethiopia

Turkey to Establish Industrial Zone in Ethiopia

Having a Free Trade Agreement (FTA) with four African countries established, Turkey is prepping to move forward with building a Turkish industrial zone in Ethiopia. The country’s capital city, Addis Ababa will host land where infrastructural projects will take place. A 2005 African Policy agreement will allow Turkey to pursue business assets, the World Bulletin reported.

To-date, 341 Turkish companies are located in and have invested roughly $3 billion in Ethiopia — an expansive amount which grew from one Turkish firm’s $50 million investment in 2005.

“They [the Ethiopians] know that we don’t go to Ethiopia with a passing fancy and calculations of temporary profits. We also know that they don’t only offer a business opportunity but that they opened their hearts,” Turkish Foreign Minister Ahmet Davutoglu said in the report.

Aside from business ventures, Turkey has directed investment, humanitarian efforts and foreign aid to Somalia.

“The amount of Turkish aid to the African continent, particularly to Somalia, has reached $750 million. If we hadn’t spent billions dollars of in public diplomacy and activity, we wouldn’t have the positive image and perception that we got from our humanitarian aid in Somalia,” Davutoglu added.

After establishing the industrial zone, Turkey will look toward strengthening bilateral ties with Ethiopia by investing in the trade and construction industries, according to the World Bulletin. Currently there are 34 Turkish ambassadors to Africa as well as 30 Turkish Cooperation and Development Agency (TİKA) offices in Africa. Seventeen African country are associated with Turkey’s business council.