UPDATE - Erdogan calls on Africa to trade in local currencies

UPDATE WITH MORE REMARKS FROM THE PRESIDENT

By Gokhan Ergocun and Tuba Sahin

ISTANBUL (AA) - Turkish President Recep Tayyip Erdogan called on African countries to trade and do joint businesses with Turkey using local currencies.

"Let's save our trade from risks posed by foreign currencies," he said at the Turkey-Africa Economy and Business Forum in Istanbul on Wednesday.

He underlined that they have to take steps to save their countries from currency pressure.

"We prioritized this issue [trading in local currencies] as the country faced speculative attacks recently," the president said.

Erdogan said it is important to believe that alternative ways are possible.

"We are ready to enhance our trade relations using local currencies not only with our main trade partners but also with our African friends," he added.

Turkey has been pushing for trade in local currencies accusing the U.S. administration of using the dollar as a tool to attack other countries’ economies.

"We are ready for all kinds of cooperation with win-win approach and on the basis of benefit sharing," Erdogan said.

-Cooperation with African countries

Erdogan added that third edition of Turkey-Africa partnership summit is planned to be held in Istanbul in 2019.

The country gives great importance to cooperation with African countries, Erdogan said, adding: "Turkey continues to improve its relations with African countries on equal partnership basis."

Erdogan recalled that Turkish and Hungarian Eximbanks agreed on making investment in Africa with partnership of African business circle.

He stated that there was an inequity in the use of agricultural lands and natural resources.

"This should be overcome by joining forces and taking joint steps. Let's produce together everything we have and share them," he added.

The two-day forum, which started on Wednesday in Istanbul, is bringing together 3,000 African and Turkish businesspeople.

The forum was organized by Turkey’s Foreign Economic Relations Board in coordination with Turkey’s Trade Ministry and the African Union.