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Bianca Mlilo, Business Reporter
A TURKISH firm, Cukurova Group, has pledged to support Zimbabwean companies with machinery as part of industry’s efforts to retool, an industry official has said.

Cukurova Group is one of the leading players in the Turkish economy and capitalises on business opportunities at both domestic and international levels.

Confederation of Zimbabwe Industries (CZI) chief executive officer Mr Clifford Sileya yesterday told delegates at a round table convened by CZI in Bulawayo that the machinery, which would be provided by their new partner, was relatively new.

“The Turkish group is ready to supply machinery at affordable prices and this machinery is five to seven years old. Some of the equipment will be free but the companies would have to pay for shipping costs,” said Mr Sileya.

“I had a meeting with the First Secretary at the Turkish Embassy and the deputy ambassador of France on the same issue. This is a great opportunity for those who are seeking to retool.”

In the same vein, he said, CZI would undertake a working visit to Turkey from November 3 to 6, 2016 to discuss further areas of cooperation.

Mr Sileya said participation was open to all companies which could raise the requisite airfares and the Turkish government would meet accommodation expenses.

Several studies have shown that most local firms lack the competitive edge in the international market because of ageing technology, which is costly and inefficient.

In a letter to the business representative body in August, Cukurova expressed interest in the following sectors: energy (gas, oil), industry (automotive, chemicals, textiles, etc.), information and communication technologies, construction, infrastructure, banking and finance, media, and private sector projects.

Established in 1923 as a textile mill in Tarsus, Çukurova Group quickly grew into a conglomerate within the industrial sector especially in the area of textiles and construction machinery.

Due to growth over the years, Cukurova has expanded into other sectors as part of efforts to meet its ambitious strategic targets.

Çukurova Holding with its associated companies is one of Turkey’s largest business conglomerates. As at 2013, the group employed a total of 31 800 people extending over 156 companies.

It recorded revenue (including its subsidiaries) of $2,7 billion in 2013 and at the end of the same year the company had assets with a combined value of $9,7 billion, whereas its equity value stood at $2,2 billion.

The company owns Genel Energy Plc, which is listed on the London Stock Exchange and has business interests in Iraq and Djibouti.

Genel Energy has six oil field concessions in Northern Iraq with a daily production of 200 000 barrels at present.

Cukurova Holding also owns 70 percent of a bank in Switzerland.

@BiancaMlilo