Turkish steelmaker Tosyali Holding will make an investment in Senegal to reduce the west African country's dependency on steel imports, its chairman said, Anadolu Agency reports.
"Senegal is dependent on imports of rebar and steel, so we have decided to invest in the country at the invitation of the Senegalese authorities," Fuat Tosyali told Anadolu Agency.
Once completed, Tosyali said, the new investment will meet the steel needs of not only Senegal but also the region.
“It will be the biggest industrial investment in Senegal,” he added.
He said Senegal’s interest in Tosyali Holding stemmed from the company’s investment and production performance in every segment of the iron and steel sector.
Tosyali noted that the company and Senegal’s Mines and Geology Ministry signed a memorandum of understanding (MoU) during the second edition of Turkey-Africa Economic and Business Forum on Wednesday.
The company will lay the foundation for the new investment by the end of this year, Tosyali said. “We are not only focusing on Senegal. We have prepared a multistage investment plan that includes other influential countries in the region,” he added.