MALAYSIA-TURKEY TRADE SET TO RISE TO US$10 BLN IN NEXT FIVE YEARS

By Nurul Jannah Kamaruddin

KUALA LUMPUR, July 6 (Bernama) -- Bilateral trade between Malaysia and
Turkey has the potential to increase to US$10 billion in the next five years,
said Hasan Onal, commercial counsellor at the Turkish embassy here.

He said currently, investments between the two countries were limited and
when the free trade agreement (FTA) between both countries was concluded,
bilateral trade would definitely soar.

"Malaysia and Turkey commenced the FTA talks early this year and were
expected to be concluded in 2012.

"By 2012, bilateral trade is expected to rise to US$2.5 billion, with
Malaysian exports making up a large portion," he told Bernama here Tuesday.

Bilateral trade relations had been encouraging. Trade had increased more
than six-fold since 2000, reaching US$1.6 billion in 2008.

However in 2009, due to the world economic and financial crises, it fell to
US$1.1 billion. Malaysia's exports to Turkey amounted to US$960 million while
Turkey's exports were at US$140 million.

Hasan said Turkey used Malaysia as the platform to reach out to other
South-East Asian countries.

"Malaysia is a significantly important partner for Turkey in South-East
Asia. When the Asean Free Trade Area came into force on Jan 1, 2010, the country
is opened to a market which has 600 million people and US$1.5 trillion gross
domestic product.

"Our government keeps a close eye on Malaysia's bilateral trade and
investment agreements with other countries, since Turkey is keen to have the FTA
with Malaysia," he said.

He said as Turkish products and services were not well-known in the region,
Malaysia could help promote them.

In return, he said, Turkey could be the gateway for Malaysian companies to
venture into Europe, Middle East, North Africa and Central Asia.

"That is why Turkey has been paying more attention to the neighbouring
markets. Prior to the conclusion of the FTA, new opportunities will come up for
both sides, so the bilateral trade will accelerate," he said.

Hasan said Turkish firms would make its debut at the Malaysia International
Food & Beverages 2010 (MIFB) to be held from July 9-11.

"Five companies have confirmed their participation.

"We believe the MIFB will be the right platform for Turkish companies to
engage with Malaysian businessmen as well as to promote their products among
final customers," he said.

He said MIFB offered a great opportunity for firms to establish good
relations with distribution channels and customers at the same place.
-- BERNAMA


Attachments:
untitled-[2] 6.4 k [ text/html ] Download | View
Delete & Prev | Delete & Next