Matrade Continues To Drive Malaysia's Exports To Turkey

KUALA LUMPUR, Nov 25 (Bernama) -- The Malaysia External Trade Development Corporation (MATRADE) continues to drive Malaysia's exports to Turkey as it concluded an Export Acceleration Mission (EAM) to Istanbul recently, generating potential sales of US$21.91 million (RM91.92 million). In a statement Friday, MATRADE said 16 Malaysian companies participated in the EAM, held in conjunction with the 16th MUSIAD Expo from Nov 9 to 12 at the CNR Expo Centre in Istanbul. Products and services promoted during the mission included oleochemicals, frozen seafood, beverages, personal care products, medical devices, engineering services, food franchises, retail services and smart vending machines, Islamic accounting software and business consultancy services. "This EAM has provided good exposure for Malaysian companies in accessing the Turkish market and to gather feedback from Turkish counterparts on Malaysian products and services," it said. Also present at the EAM was Alttijara.com, an upcoming halal e-marketplace that focuses on halal food, fashion, beauty care & cosmetics, and healthcare. The e-marketplace connects 20,000 suppliers and merchants from Turkey, Russia, Malaysia, Indonesia and the Middle East with buyers from all over the world. During the mission, a memorandum of understanding (MoU) was signed between Malaysia Turkey Business Club (MTBC) and the Independent Industrialists' and Businessmen's Association, Turkey (MUSIAD). MTBC President Suhaimee Abu Hassan said the MoU was to pave the way for the exchange of expertise, resources, projects and incentives to strengthen trade and investment promotion efforts. Under the MoU, both parties would encourage their members to participate in international trade fairs, exhibitions, business seminars and other activities including co-organising business events to provide a networking platform. Since its establishment in April 2016, MTBC has about 400 registered members comprising 150 Malaysian companies and 250 Turkish companies. Apart from its recent participation in the 16th MUSIAD Expo, MTBC would also participate in the upcoming Halal Expo 2016 from Dec 15 to 17 at the Lutfi Kirdar Congress Centre, Istanbul. In 2015, Turkey was Malaysia's 28th largest trading partner. The total trade with Turkey in 2015 was US$1.25 billion (RM5.61 billion) with exports amounting to US$848.68 million (RM3.80 billion) and imports valued at US$404.2 million (RM1.81 billion). (US$1 = RM4.47) Main exports to Turkey were palm oil & palm-based products, textiles & apparel, chemicals & chemical products, manufactures of metal and rubber products. For the period from January to September 2016, Malaysia's trade with Turkey recorded strong growth with total trade valued at RM5.69 billion, an increase of 47.7 per cent compared with RM3.85 billion in the corresponding period last year. Exports grew by 107.5 per cent to RM4.76 billion while imports stood at RM923.5 million. These encouraging trade figures showed the positive impact of the Malaysia-Turkey Free Trade Agreement that came into effect on Aug 1, 2015. MATRADE is urging Malaysian companies that are keen to expand their export market in Turkey to contact MATRADE’s Istanbul office via email at istanbul@matrade.gov.my. -- BERNAMA