WINDHOEK: Deputy Minister of Industrialisation and Trade, Verna Sinimbo said the trade and economic cooperation agreement total trade between Namibia and Turkey recorded a decrease of N.dollars 46.7 million in the year 2022.
Sinimbo who revealed these figures during the fourth session of the Turkey-Africa economic and business forum here on Thursday, said in the year 2021 the total trade between Namibia and Turkey was N.dollars 508.7 million, while in 2022 the total trade was N.dollars 462 million.
She said after entering into the agreement the total trade between Namibia and Turkey has been fluctuating, increasing from N.dollars 621.3 million in 2015 to N.dollars 1.6 billion in 2016, however, an opposite trend was experienced thereafter, picking up again in 2019 and 2020 after the renewal of the agreement, then falling again in 2022.
Namibia and Turkey entered into the trade and economic cooperation agreement in November 2014 with the aim to promote cooperation in areas of mutual investment, energy and mineral resources, agriculture and livestock development, education and health as well as science and technology between the two countries.
The products with greatest export potential from Turkey to Namibia are fishing vessels, iron, steel and copper ores and concentrates being the product that faces the strongest demand potential in Namibia.
The products with greatest export potential from Namibia to Turkey are live bovine animals, copper cathodes, wood charcoal while waste and scrap iron or steel face the strongest demand potential in Turkey.
Sinimbo said Namibia and Turkey have the potential to strengthen their trade and economic ties by capitalising on the export and import potential present in both countries and the African continent at large.
She said Namibia being a young and vibrant democracy, the country prides itself in its commitment towards the maintenance of peace, stability and socioeconomic development, coupled with a first-world inter-connected infrastructure network, Namibia is truly a ‘rare Africa gem’.
“Namibia remains committed, focused and confident about the prospects for the continued development of our economy and look forward to working with you (Turkey) as we forge ahead and strive towards stronger and more profitable industries,” she said.
Source: The Namibia Press Agency