Turkish companies looking to invest, set up shop in PH
Twelve Turkish companies are eyeing partnerships with local firms and are considering to set up facilities in the Philippines to tap the country’s vast potential in the electrical and electronics sectors.
According to Cezmi Besogul, the Embassy of Turkey’s commercial counselor, the Turkish companies have no presence in the country yet, but some of them are now negotiating with Philippine firms.
Besogul told the Inquirer that the 12 Turkish companies hoped to maintain good relations with their Philippine counterparts.
The Turkish companies are 4A Electrical Electronics Technology Ind. Ltd. Co., Arcelik A.S., Biosturk-Bios Co. Ltd. Sti., Elektra Elektronik San. Ve Tic. Ltd. Sti., Entes Elektronik Endustrisi A.S., Ges General Electrical Systems Co. Ltd., Mikrosay Software and Electronics Energy, Prot Ar-Ge Industrial Project Design R&D Ltd. Co., Teksan Jenerator Elektrik Sanayi Ve Ticaret A.S., Turkuaz Kablo Taah. Ticaret Ve Sanayi A.S., Ugur Turkyurt A.S., and Vestel Trade Co.
Hosted by the Turkish Electro Technology Exporters’ Association (TET), the business mission meant to help Turkish firms expand their global presence and forge stronger business relationships with companies based in Southeast Asia.
The companies also hope to expand their network to include Philippine firms in the fields of infrastructure and construction.
Besogul meanwhile told the Inquirer that Turkish firms were likewise interested in investing in various other sectors including agribusiness, infrastructure, defense and manufacturing.
He revealed that the companies from Turkey were also looking to set up flour mills in the country, amid the ongoing anti-dumping case against Turkish flour imports.
The Department of Agriculture earlier slapped a provisional anti-dumping duty on Turkish flour imports, on top of the existing 7-percent duty.
A 35-percent antidumping duty will be imposed on hard flour, and 35.21 percent on soft flour.
Due to this development, bilateral trade between the Philippines and Turkey is beginning to suffer, Besogul said.
As it is, Turkey’s exports to the Philippines stood at only $135.5 million last year, while imports from the Philippines stood at $181.2 million.
The new duties are thus expected to put a strain on Turkey’s target to increase its bilateral trade with the Philippines by 12 percent this year.
In the first three months of 2014, exports to the Philippines stood at $35 million, while export from the Philippines to Turkey stood at $28 million, Besogul said. Amy R. Remo
