Malaysia-Turkey Trade Rises 48 Per Cent To US$900.92 Million In 1H 2016

KUALA LUMPUR, Aug 18 (Bernama) -- Total trade between Malaysia and Turkey rose 48 per cent to US$900.92 million (RM3.6 billion) in the first half of this year, says Malaysia External Trade Development Corporation (MATRADE) Chief Executive Officer Dzulkifli Mahmud. (US$1 = RM4) He said Malaysia exported RM3.02 billion worth of goods to Turkey and imported products valued at RM579.6 million in the first six months of 2016. "The performance was slightly lower than the targeted growth of 50 per cent, due to global economic challenges. "For the second half of 2016, we hope total trade would rise 50 per cent or more, taking advantage of the opportunities available under the Malaysia-Turkey Free Trade Agreement," he told reporters after the visit of a Turkish business delegation to MATRADE's headquarters here on Wednesday. The nine-member delegation, headed by the Turkey-Malaysia Business Council Chairperson, Suheyla Cebi Karahan, is on a three-day working visit to Malaysia, which ends Thursday. Malaysia exported, among others, palm oil, textile, chemical, rubber and halal ingredients to Turkey. Total trade between both countries stood at RM5.65 billion last year with Malaysia's exports totalling RM3.8 billion and imports amounting to RM1.8 billion. Meanwhile, Malaysian companies are active investors in Turkey. Dzulkifli said Tenaga Nasional Bhd had acquired equities in the country's power plant. "We hope our construction sector can work together with Turkish construction players in the future, given Turkish companies' strong reputation in the region. "This would enable our companies to undertake construction projects in third world countries," he said. Dzulkifli said MATRADE was also in the midst of encouraging Turkish oil and gas companies to participate in the development of the Pengerang Integrated Petroleum Complex (PIPC) in Pengerang town of southern state Johor. The PIPC is a huge downstream oil and gas value chain project. It will house oil refineries, naphtha crackers, petrochemical plants as well as a liquefied natural gas import terminal and a regasification plant. --BERNAMA