The Turkish company Axsa Composites, a subsidiary of the Akok group, has announced a $5 million investment in a new industrial project in Tunisia. The project, which is expected to come online in 2028, will focus on developing activities related to the manufacture of composite materials and components for the aerospace industry. This marks the company's first venture in Africa. The investment is equivalent to approximately 14.7 million Tunisian dinars.
The project was made possible after Axsa Composites signed a lease agreement for an industrial unit at the technological pole in Birger Cedria. The Tunisian Aerospace and Space Industries Group (GIAAT) stated that the project's significance extends beyond the investment amount, as it also involves technology transfer, development of local skills, and enhancing Tunisia's position within international value chains for advanced materials and aerospace industries.
The new industrial site in Birger Cedria is expected to serve as a launchpad for developing industrial activities in Tunisia, with plans for gradual expansion. The Akok group is a well-established industrial conglomerate with international experience in composite materials and industrial processes for the aerospace sector and high-performance industries. The group has also developed partnerships with several major international institutions active in the aerospace industry.
The signing of the industrial lease agreement was the culmination of a process involving several parties that organize investment in Tunisia, including the GIAAT, the Foreign Investment Promotion Agency, the technological pole in Birger Cedria, and several Tunisian and Turkish institutional and professional partners. The project's development is seen as a significant step forward for Tunisia's industrial sector.
The investment is expected to create new opportunities for the Tunisian economy and contribute to the country's growth. The aerospace industry is a strategic sector for Tunisia, and the Axsa Composites project is seen as a key initiative to develop the country's industrial capabilities. The project is also expected to generate employment opportunities and stimulate economic activity in the region.
The Tunisian government has been working to attract foreign investment and promote economic growth. The country's economic development strategy focuses on diversifying the economy, promoting entrepreneurship, and improving the business environment. The Axsa Composites project is seen as a positive development in this context, demonstrating the country's attractiveness to foreign investors.
The project is expected to have a positive impact on Tunisia's balance of payments and contribute to the country's economic growth. The investment will also help to develop the country's technological capabilities and enhance its position as a hub for advanced materials and aerospace industries in Africa.
Key points
- The investment is equivalent to approximately 14.7 million Tunisian dinars.
- The project is expected to come online in 2028.
- The investment involves technology transfer and development of local skills.
