Bolat Attends Turkey-Algeria Business and Investment Forum

Forex - At the Turkey-Algeria Business and Investment Forum, Trade Minister Ömer Bolat stated, "The International Criminal Court’s (ICC) decision a few days ago to arrest those responsible for the genocide in Israel and declare them guilty was a significant step. It has been encouraging towards ending the brutal massacres and genocide in Palestine, Gaza, the West Bank, and Lebanon."

Trade Minister Ömer Bolat participated in the Turkey-Algeria Business and Investment Forum. The event, held at a hotel in Beylikdüzü, discussed the issues of strategic partnership and economic cooperation between the two countries. Alongside Minister Bolat, the forum featured International Business Forum President Erol Yarar, former Algerian Minister of Economy Prof. Dr. Abdelkader Sammari, Algerian Ambassador to Ankara Ammar Bellani, and Rashid Bouhamid, President of the Contractors and Industrialists Club, along with numerous stakeholders from various sectors.

"By the first half of this year, we have increased our national income fivefold, rising from $230 billion to $1.2 trillion."

Speaking at the Turkey-Algeria Business and Investment Forum, Ömer Bolat said, "The 12th Meeting of the Algeria-Turkey Joint Economic Commission was also held last May in Ankara. There is a strong closeness between the leaders and governments of the two countries, and our close relations continue. Over the past 22 years, as the Republic of Turkey, we have achieved significant leaps and successes in the economy. By increasing our national income fivefold, we have risen from $230 billion to $1.2 trillion by the first half of this year. Per capita national income has also increased from $3,600 to $13,300 in the same 22 years. By the end of this year, we hope to reach around $14,500-$15,000 in per capita national income. We have increased our goods exports 7.5 times, rising from $36 billion to $262 billion, and our services exports have also increased 7.5 times, from $14 billion to $112 billion. Today, Turkey has a total foreign trade of around $600 billion, with $340 billion in goods imports and $260 billion in goods exports. This constitutes nearly 50% of our national income. In terms of foreign investments, until 2002, $14 billion of foreign direct investment had come into Turkey, whereas this figure has exceeded $269 billion in the last 22 years. We achieved this through reforms, correct policies, and by maintaining political and economic stability while continuously working to increase domestic and foreign investments, employment, and exports."

"Algeria is our second largest foreign trade partner in Africa."

Referring to commercial relations with Algeria, Minister Bolat said, "Algeria is our second largest foreign trade partner in Africa. Egypt is in first place, followed by Algeria. However, Algeria is the number one country for Turkish investments in Africa. 1,500 Turkish firms are pursuing investment, production, employment, and export in Algeria with $6 billion in investments. In doing so, they also serve as a bridge in trade with Turkey. Contracting is another success story for us. Until 2002, Turkey had $50 billion in contracting services worldwide; in the last 22 years, an additional $472 billion has been added. We have reached $522 billion, with 12,330 projects in 137 countries. In Africa, we have executed the largest contracting services in Algeria, with nearly 700 projects and $33 billion in contracting services. We will accelerate the negotiations for this preferential trade agreement together with our Minister of Foreign Trade in Algeria. Our trade diplomacy efforts, aimed at maximum economic cooperation with the world, are progressing rapidly with the goals of political stability and win-win relationships, growing together. Our foreign trade agreements with Islamic countries have increased 11 times over 22 years, from $10.8 billion to $130 billion in 2023."

"We sincerely congratulate the ICC delegation."

Minister Bolat emphasized the importance of the ICC's arrest decision, stating, "The International Criminal Court's (ICC) decision a few days ago to arrest those responsible for the genocide in Israel and declare them guilty was a significant step. It has been encouraging towards ending the brutal massacres and genocide in Palestine, Gaza, the West Bank, and Lebanon. It has given hope that crimes will not go unpunished and that justice will prevail in this world before the afterlife. We wholeheartedly congratulate the ICC delegation. As Turkey, even if we stand alone in the world, we made the decision to halt exports and imports with Israel six months ago, and we have implemented this decision. However, to support the Palestinian economy and help it stand firm, we are assisting them in both exports and imports. Furthermore, we are leading efforts to provide 85,000 tons of food, health, and hygiene assistance, especially to our brothers in Gaza, and we will continue to do so."