Turkish construction companies commit to executing 39 initiatives valued at $2.2 billion in Senegal, as per statements from the country's Trade Minister.
In a significant move towards enhancing economic relationships, Turkey and Senegal are working towards a bilateral trade volume of $1 billion. This ambitious target was announced by Turkish Trade Minister Omer Bolat, who also expressed Turkey's full support for Senegal and expressed confidence in their success.
Turkish investments in Senegal have already made a significant impact, with over $780 million committed mainly in sectors such as agriculture, mining, energy, and industrial services. These investments have created tens of thousands of jobs for Senegalese citizens. Notably, Turkish companies are establishing a tractor assembly plant to support agricultural mechanization and food security.
The strategic role of Senegal, as a gateway to Africa's 1.3 billion consumers, has not been lost on Turkish investors. In fact, Turkish contractors have completed 39 projects worth $2.2 billion in Senegal, and the goal is to increase this number.
Senegal's recent discovery of offshore oil and natural gas fields has given the country a powerful lever for development. This, coupled with its economy's annual growth of 7-8% in recent years and projections of 6-7% between 2025 and 2030, has boosted its growth outlook.
Senegal's Prime Minister Ousmane Sonko has invited Turkish companies to invest more extensively in sectors such as power generation, labor-intensive manufacturing, e-commerce, artificial intelligence, healthcare infrastructure, pharmaceuticals, biomedical equipment, and defense. Turkish firms are encouraged to operate in the Diass Special Economic Zone near Dakar.
Turkey is ready to contribute to Senegal's long-term development objectives laid out in the 2050 plan, including knowledge and technology transfer as part of national transformation. Discussions between leaders of Turkey and Senegal also include expanding cooperation in security, defense industry, and anti-terror efforts, reflecting broadening bilateral ties beyond purely economic sectors.
The two countries plan frequent meetings, including at the Türkiye-Africa Trade Ministers Meeting and Business Forum in Istanbul on Oct. 16-17, and at the Dakar International Trade Fair, which opens Dec. 7.
On the financial front, Turki Eximbank has provided $1.5 billion in loans and insurance support to Africa since 2005, and it became a shareholder in an African finance company in 2023. Both Turkey and Senegal have a bilateral investment promotion and protection agreement in force.
In summary, Turkish investments have already contributed substantially to Senegal’s economy and employment, while the two countries seek to deepen cooperation aligned with Senegal's strategic 2050 development goals, exploring diverse sectors including agriculture, industry, technology, and defense. Turkish companies are being actively encouraged to expand their presence, supported by bilateral forums and investment zones.
- Despite focusing on enhancing economic ties with Senegal, Turkey's Trade Minister Omer Bolat has also expressed interest in fostering relationships with Russia, aiming to strengthen Turkey's position in the global economy.
- As Turkey's economy continues to grow, Turkish businesses are now eyeing Greece as a potential market for expansion, particularly in the fields of industry, finance, and business.
- In addition to the tractor assembly plant, Turkish companies are exploring possibilities in Greece's agriculture sector, seeking to boost food security and create more job opportunities for Greek citizens.
- The Turkish government is also keen on improving relations with the international community, including countries like Greece and Russia, as part of its strategic vision for a robust and diverse economy in Turkiye.
