2024-10-29 08:45:00
• They reached more than 120 billion FCFA in the first 8 months of 2024
• Growing interest from Turkish investors in Burkina Faso
• Intensify the activities of the Türkiye-Burkina Faso Business Council
L’Faso Economist: How are trade relations between Burkina Faso and Turkiye, and how does the trade advisor’s office intend to contribute to these relations?
Dr. Yakup GÜZEL, Conseiller commercial, de l’ambassade de Türkiye au Burkina Faso : Relations between Türkiye and Burkina Faso are developing day by day on the commercial and economic level as in all other areas. The volume of our mutual trade has increased significantly in recent years. While this was 181 million dollars (109,924,880,616. F CFA) in 2023, it reached 198 million dollars (120,249,316,917 F CFA) in the first eight months of the year 2024, which corresponds to a increase of more than 40% compared to the same period of the previous year.
In addition to trade, we are happy to see growing interest from Turkish investors in Burkina Faso. Recently, for example, the first stone was laid for a pasta and flour factory in the province of Bazèga, with a total budget of around 8 billion FCFA. This factory should be operational in 2025. In the buildings and construction sector, we also note that Turkish companies have initiated numerous projects in Burkina Faso in recent years.
We are convinced that there is much greater potential than the existing cooperation between our countries in terms of both trade and investment. This is the reason why our office was opened on 1is August 2024, within the Embassy of the Republic of Türkiye, in Ouagadougou, and began offering its services.
One of our office’s priorities is to provide businesses with accurate and comprehensive information on the markets of both countries, as well as to connect potential sellers and buyers. Through the “Consult your Advisor” application of the Ministry of Commerce of the Republic of Türkiye, hundreds of Turkish businessmen can obtain information from our office on business and investment opportunities in Burkina Faso. Lists of sectoral companies facilitating contacts between Turkish and Burkinabe companies can also be obtained from our office. In addition, Burkinabè businessmen who wish to trade with Türkiye can also benefit from our services free of charge.
We attach particular importance to ongoing coordination with existing professional organizations in both countries. Thus, we plan to intensify the activities of the Türkiye-Burkina Faso Business Council which has existed, in fact, since 2018, in cooperation with the Council for Foreign Economic Relations (DEİK), the Chamber of Commerce and Industry of Burkina Faso (CCI-BF) and the Burkinabè Investment Agency (ABI).
How to attract more Turkish investors to Burkina?
Türkiye has many experienced companies producing quality works in several countries, particularly in large-budget projects such as roads, water, electricity, dams, hospitals and mining. We are aware that Burkina Faso, with its rich natural resources and its young population open to development, presents considerable economic potential. Along with the evolution of relations between the two countries in all areas, Turkish investors are showing increasing interest in investment opportunities in Burkina Faso. To transform this interest into concrete collaborations, it is essential that existing opportunities in Burkina Faso are well presented to Turkish investors. We observe with satisfaction the importance that the government of Burkina Faso gives to promotional activities in the context of investments. We are confident that the promotional efforts carried out by ABI in coordination with DEİK and the respective Chambers of Commerce will bear fruit as soon as possible.
On the other hand, as in all countries, we believe that the existence of measures aimed at increasing the interest of foreign investors in Burkina Faso would be beneficial. In this context, the incentives offered to investors, tax advantages for specific periods, the guarantee of receivables, in particular, in long-term investments, the simplification and acceleration of administrative procedures, the facilitation of transfers of funds and the Reducing costs, as well as strengthening confidence in the judicial system, play a key role in making Burkina Faso an increasingly attractive country for investors.
In terms of trade, freight is one of the means of connecting the two capitals of the two countries. Are the freight terms from Türkiye to Burkina Favorable enough to attract investors?
First of all, it should be emphasized that Türkiye’s geographical position gives it an advantage over many other supplier countries in terms of delivery times and transport costs in trade with Africa, including Burkina Faso. Faso. Although Burkina Faso’s lack of coastline naturally has an impact on its international trade, this does not constitute an insurmountable obstacle. Measures to improve transport infrastructure will help strengthen our trade and economic relations in ways that benefit both countries.
In this context, the measures that could be taken to relieve congestion in the ports of neighboring countries used by Burkina Faso, strengthen air, road and maritime infrastructure, as well as simplify and accelerate customs procedures using digital technologies will undoubtedly allow doubt to reduce logistics costs and shorten delivery times. These actions will increase the volume of trade between our two countries. Improving logistics infrastructure will also be of great help in attracting more investors to the country.o
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**Interview with Dr. Yakup Güzel, Commercial Advisor of the Embassy of Türkiye in Burkina Faso**
**Faso Economist:** Good morning, Dr. Güzel. Thank you for joining us today. We’ve seen a remarkable increase in trade relations between Burkina Faso and Türkiye. Can you share some insights on the current state of these relations?
**Dr. Yakup Güzel:** Good morning! Yes, the trade relations are indeed growing. In the first eight months of 2024, the trade volume reached over 120 billion FCFA, a notable increase from 109 billion FCFA in the same period of 2023. This signifies over a 40% growth, which we see as a promising trend.
**Faso Economist:** That’s impressive! What do you attribute this growth to?
**Dr. Yakup Güzel:** Several factors contribute to this growth. There’s a burgeoning interest from Turkish investors in Burkina Faso, exemplified by projects like the new pasta and flour factory in Bazèga, which has a budget of about 8 billion FCFA and is set to be operational by 2025. Additionally, Turkish construction companies are actively initiating numerous projects across various sectors in Burkina Faso.
**Faso Economist:** How is your office contributing to enhancing these trade relations?
**Dr. Yakup Güzel:** Our newly opened office in Ouagadougou plays a crucial role. We provide comprehensive market information to businesses in both countries, helping connect Turkish and Burkinabè companies. Our goal is to facilitate trade by offering resources like the ‘Consult your Advisor’ application, which helps Turkish businessmen get accurate information about investment opportunities here.
**Faso Economist:** What plans do you have to attract more Turkish investors to Burkina Faso?
**Dr. Yakup Güzel:** To attract more investors, we need to effectively present Burkina Faso’s opportunities, particularly in sectors like infrastructure, mining, and energy. The government’s commitment to promotional activities is encouraging, and we anticipate fruitful outcomes from these efforts. Moreover, implementing additional measures—like tax incentives and simplified administrative processes—can significantly enhance the investment climate.
**Faso Economist:** It seems like there’s a lot of potential for future cooperation. Any last thoughts on what can be achieved moving forward?
**Dr. Yakup Güzel:** Absolutely! The potential for collaboration is immense, and with continued coordination through the Türkiye-Burkina Faso Business Council, we can enhance our trade partnerships even further. I believe with targeted efforts and ongoing engagements, both Türkiye and Burkina Faso can achieve mutual economic growth.
**Faso Economist:** Thank you for your insights, Dr. Güzel. We look forward to seeing how these partnerships evolve.
**Dr. Yakup Güzel:** Thank you for having me!
