Türkiye has set its sights on increasing trade volume with Angola to $500 million, up from $126 million last year, Energy and Natural Resources Minister Alparslan Bayraktar said Wednesday during the third session of the Türkiye-Angola Joint Economic Commission .
Bayraktar met with Angola's Mineral Resources, Petroleum and Gas Minister, Diamantino Azevedo to discuss trade, energy, agriculture, education, transport, and investment.
"Our Presidential target is to raise trade to $500 million in the first phase. We believe there's strong potential between our two countries," said Bayraktar.
Bayraktar noted that Türkiye's trade volume with Africa surged from $5.4 billion in 2003 to $37 billion in 2024. "During this period, our exports grew from $2.1 billion to $22 billion, while imports rose from $3.3 billion to $15 billion," he said.
He also highlighted Türkiye's intention to become a long-term development partner for African nations, citing $10 billion in Turkish investments and over 2,000 completed projects worth nearly $100 billion across the continent.
Emphasizing energy's vital role in development, Bayraktar said Türkiye is exploring cooperation opportunities in oil and natural gas with Angola's Sonangol and National Agency for Oil, Gas and Biofuels.
He added that a delegation from Turkish Petroleum and a Turkish mining company plans to visit Angola this month.
- Türkiye aims to be long-term development partner
Bayraktar and Azevedo discussed boosting crude oil and petroleum product trade between Turkish Petroleum International Company (TPIC) and Angola's Sonangol.
Bayraktar highlighted Türkiye's readiness to support Angola's development goals, noting that Turkish contractors have completed eight projects worth $1.2 billion in Angola, a significant part of bilateral economic ties.
"Opportunities also exist in mining, flour milling, textiles, waste management, defense, apparel, retail, and fuel storage. We encourage Turkish firms to invest and share expertise, aiming to support both infrastructure and human development," Bayraktar said.
Calling the joint commission meeting a key milestone, Bayraktar said the next session is planned to be held in Angola, with close monitoring of agreed goals.
- Angola seeks sustainable economic partnership with Türkiye
Minister Azevedo expressed readiness to deepen strategic cooperation in energy, mining, and industry.
"Türkiye's technical know-how, experience, and private sector dynamism offer great opportunities for Angola, "said Azevedo, inviting Turkish businesses to invest in his country.
He announced plans to raise oil production to 1.5 million barrels per day by 2030 and highlighted Angola's solar power capacity—enough to meet half of the country's energy needs.
Azevedo stressed Angola's investment opportunities across oil, gas, renewables, biofuels, phosphates, cement, agriculture, fisheries, and construction.
"We want Turkish companies to play an active role. Our goal is a long-term, sustainable economic partnership with Türkiye," said Azevedo.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr