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Turkey and North Africa: Challenge and Opportunity, Summer 2005

Monday, September 5, 2005

This article aims to give an overview on Turkey's improving relations with the countries of North Africa, a region that is increasingly important for bilateraltrade, energy relationships and increasingly important for the U.S. and Europe.It focuses on the relationship between the region’s continued integration into theWestern economic system and the significant improvement registered in Turkey’s trade relations with Algeria, Morocco, Tunisia, Libya, Morocco, and Tunisia, andargues that the continuation of these trends would benefit Turkish companies and strengthen Turkey’s aspirations to become a regional economic power. It concludesthat an increasingly integrated North Africa will also benefit Turkey politically contributing to regional stability and security, and Turkey’s EU accession process.The economic prospects for the countries of North Africa, namely Algeria,Morocco, Tunisia, Libya, and Egypt, looked favorable at the end of 2004. Regional GDP growth stood at 5 percent - with Algeria and Tunisia leading the course with 6.1 percent and 5.1 percent respectively. Libya,the region’s oil giant – long excluded – took steps to integrate into the worldeconomy, offering lucrative contracts in a number of oil fields. Exports increased by 23.5 percent in Tunisia and 15.2 percent in Morocco, with Libya, Algeria andEgypt registering 30.2 percent, 28.8 percent and 25.6 percent growth respectivelythanks to rising oil prices.

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CONTRIBUTOR
Kaan Nazlı
Kaan Nazlı
Monaco Economic Board
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