PH, Turkey target 12% growth in two-way trade in 2014
Bilateral trade between the Philippines and the Republic of Turkey is expected to grow by 12 percent this year as the two countries move to expand their economic and commercial relations.
“Exchange of goods shall be brisk and will change slightly toward more industrial products. Turkey will export in the Philippines industrial goods like air conditioners, construction materials and iron and steel alongside food products like wheat flour, chicken meat and white goods, as well as medical supplies,” Cezmi Besogul, commercial counselor at the Embassy of Turkey, said in a statement issued Tuesday.
Data from Turkey’s Ministry of Economy showed that Turkey’s exports to the Philippines reached $135.5 million in 2013. Imports from the Philippines, meanwhile, rose 15 percent to $181.2 million in 2013 from $157.7 million in 2012.
“To further expand our economic ties with the Philippines, we have lined up different activities that will bring together Turkish and Filipino businessmen for potential trade and investment partnerships,” Besogul disclosed.
These include a trade mission targeting the electrical, electronics and cables and HVAC (airconditioners) sectors; Turkey’s national participation in Wofex 2014; meeting between a business delegation from Turkey and the Philippine Chamber of Commerce and Industries (PCCI); as well as a Turkey-Philippines Joint Economic Commission Meeting.
According to Besogul, Turkish businessmen are eyeing trade opportunities in defense, participation in government tenders on public works, construction, pharmaceuticals and medicine, education and fund industry.
Investment-wise, Turkish investors are looking at opportunities in the fields of construction, public works, medical and education.
“Turkish businessmen are banking on the Philippines’ bullish economy and as such remain keen on trading and investing in the country. We can thus expect more exchanges of goods between the two countries, and more Turkish nationals visiting the Philippines this year in search of business and investment opportunities,” said Ernesto Chua, chair of the Philippines-Turkey Business Council.
Besogul, however, urged the Philippine government to further liberalize the economy to entice more companies to invest in the country.
“Turkish businessmen wishes to see legislation that will further liberalize Philippine industries further, and provide incentives and facilities for foreign capital. We would like to see legislation that will grant investors’ incentives at par with that of Turkey laws,” Besogul explained.
Assisting in the development of trade and economic relations between the two countries are the Turkish-Philippines Business Council and its counterpart in Manila, the Philippines-Turkish Chamber of Commerce. Amy R. Remo
