Business News Thu, 9 Jun 2016

Ghana-Turkey trade volume soars

Trade volume between Ghana and Turkey has increased over the past decade, following deepened bilateral ties between the two countries.

Turkish exports into Ghana increased from US$3million in 2002 to US$179million in 2013; while the European country’s imports from Ghana increased from US$36million in 2002 to US$210 million in 2013.

Mr. Recep Tayyip Erdogan, the Turkish President visited Ghana in March to affirm his country’s commitment to investing in Ghana. Turkish investment in Ghana spans construction, power, and hospitality industries.

Two years of generational shortfall of between 400megawatts and 700megawatts informed a power rationing regime, while government and power producers worked frantically to restore faulty units and procure short-term power ships to bridge the shortfall.

Karpowership Company of Turkey is one of the companies the country turned to for emergency power plants. One barge has been delivered and the other expected soon.

Turkish company, Mapa, is also constructing the new terminal at the Kotoka International Airport (KIA). The Terminal will have a runway, taxi-ways, the aprons, ground lights, underground fuel lines, runway lights and six boarding bridges.

Designed to accommodate five million passengers a year and process 1,250 passengers an hour, it is expected to be completed in 2017.

The maiden Turkish-African Business Summit and Expo 2016 (TABS 2016) scheduled to be held at the Istanbul Pullman Convention Centre, Turkey from September 30 to October 2, 2016 is also expected to provide investment opportunities for Ghanaian businesses seeking foreign partners.

The summit is expected to foster trade relations between Turkey and African countries by providing unique occasions to delegates in building networks and creating new business opportunities.

About 5,000 delegates from 48 different African countries are expected to attend the summit. Over 1,500 companies will be represented at the summit. The summit will also include an EXPO, conferences by leaders and important public figures, bilateral meetings between businessmen and speeches by influential people with pro-business sessions.

The focus of the summit will be on nine main sector: construction, furniture, machinery, agriculture, banking and finance, textiles, health, tourism, food & Fast Moving Consumer Goods (FMCG) at the bilateral meeting.

Ghanaian businesses and entrepreneurs can participate in the summit for a minimal fee of about US$700 (excluding accommodation and airfare). To ensure the ease of travel, a list of known delegates will be presented to the Turkish embassy in Accra for easy access to a visa, Mr. Faith Akbulut, president of Turkish African Business Association (TABA) said.
Source: B&FT Online