Zimbabwe and Turkey are looking forward to boost trade volume which stood at US$16.5 million in 2016 with the signing of a memorandum of understanding between the Confederation of Zimbabwe Industries (CZI) and the Turkey Economic Relations board expected to enhance business ties between the two countries’ business communities.
In line with Turkey’s African opening policy, the country is looking forward to enhance trade ties with Harare.
The two countries are hopeful the memorandum of understanding signed on the occasion of the CZI 2017 annual congress will boost trade.
Turkey – Africa Business Council chairman, Mr Tamer Taskin said there is great potential to deepen trade ties between the two economies.
The memorandum of understanding seeks to establish a bilateral business council which will contribute to industrial and technological collaboration.
Macro-economic Planning and Investment Promotion Minister, Dr Obert Mpofu said the country has prioritised increased foreign direct investments and is working on improving the domestic investment climate.
Turkey has renewed its interest on Africa with trade volume with the continent tripling to US$16.7 billion in 2016 from low levels of US$5.4 billion in 2003.
In 2016, 17 percent of Turkey’s exports to Zimbabwe were tractors while imports from Zimbabwe were leaf tobacco and minerals such as chlomite and gold.