Turkish steel giant to establish economic zone in Senegal

03/09/2019 – Known for its investments on the African continent, particularly in Algeria, Tosyalı Holding, one of the world’s leading steel producers with plants on three different continents, is now gearing up for a major investment in the West African country of Senegal. The holding will establish Tosyalı Economic Zone in Senegal, according to its Chairman Fuat Tosyalı. « What we do in Algeria excites other African countries, » Tosyalı said. The chairman’s remarks came on the sidelines of the African International Conference (TICAD) in Yokohama, Japan, during which he said they received official invitations from other African heads of state. « The investment zone in Senegal will be a new breaking point. The Tosyalı Economic Zone decree has been issued. The button is now pushed, » Tosyalı noted.

Tosyalı said they saw the first example of this in the Osmaniye Organized Industrial Zone (OOSB). « That is the charm we create. Small and medium-sized enterprises (SMEs) and entrepreneurial clusters form where Tosyalı invests, » he added. « When we first started investing in OOSB, there were no other steel companies in the region, but now there are more than 50 companies. Most of them provide us with products and raw materials, while some are exporting our products. Now, a similar situation will take place in Senegal. »

Tosyalı further stressed that their business model raised the investment appetite of Japanese companies as well as African countries. « When we first started our investment in Algeria, Turkish and Algerian airlines had only five flights per week to the region. Now there are more than 50 weekly flights. » he continued. « As in all the regions Tosyalı has invested in, a large SME cluster has emerged in Algeria as well, which has led to the transformation of over 1,000 Turkish companies into de facto investors in Algeria in the last few years alone. Seeing this, the other heads of state make official invitations to us to invest in their countries. After Algeria and Senegal, I can say that we will have serious investments in steel, especially on the West African side. »

Tosyalı Holding not only invests in the country it goes to but also raises an employment army. « By the end of 2020, our employment will exceed 10,000 people. We take a national stance in every country we visit. We train our employees in accordance with our own business culture and principles with Tosyalı Academy, » he highlighted. « We design facilities with feasibility studies and engineering solutions. We combine all this with the local workforce. Today there are 4,000 employees in Algeria, 600 of whom are Turkish. Companies that did not do this have filled the countries with facility cemeteries. »

While in Japan, Tosyalı also met with Japanese Prime Minister Shinzo Abe. He stated that they were pleased with the success of Tosyalı Toyo, their joint investments with Toyo Kohan in the southeastern city of Osmaniye. « Japanese companies are hesitant to enter the African market alone. The success of our partnership with Toyo Kohan encourages Japanese companies to do business with Turks in Africa, » he added.

STRATEGIC COOPERATION WITH JAPANESE MOL

Within the scope of TICAD Conference, Tosyalı Holding also signed an important strategic cooperation agreement with Japan-based maritime transport company Mitsui OSK Lines (MOL). The signing ceremony was held at the Turkish Embassy in Tokyo, at a reception attended by Turkey’s Ambassador to Tokyo Murat Mercan.

Under this cooperation agreement, MOL and Tosyalı will evaluate the opportunities to act together in the transportation of raw materials and steel products in production networks in Turkey and abroad. Besides, opportunities to act together in the expansion of the ports developed by Tosyalı Holding will be observed. « In overseas transport, we have no doubt that the strength of MOL and our production capacity will create significant synergies, » Tosyalı said.

INVESTMENT IN ALGERIA TO REACH $6 BILLION

Tosyalı Holding, which manufactures in more than 20 facilities on three different continents, has become one of the biggest players of the Algerian economy with Tosyalı Algerie.

It is the largest steelmaker in Algeria. Fuat Tosyalı stated that the last investment phase of the project, planned as four separate stages, has started. « When completed, our total investment will reach $6 billion. When all phases are commissioned, the total capacity of the plant will exceed eight million tons annually with a turnover of $5 billion, » he concluded.

Daily Sabah
Sahel-Elite

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