State-run Bases Conversion and Development Authority (BCDA) recently forged an agreement with the Turkish Confederation of Businessmen and Industrialists (Tuskon) to boost trade between Turkey and the Philippines.
“The agreement positions the Philippines and the BCDA group as the gateway for production and distribution [for] Southeast Asia,” BCDA president and CEO Arnel Paciano Casanova said. It also “cemented a relationship between the Philippines and Turkey in facilitating trade between the two breakout economies of the world.”
Tuskon president Rizanur Meral and Casanova signed the agreement that would establish direct business and trade relations between the BCDA group and Tuskon. In particular, the pact will allow Filipino and Turkish businessmen to extend mutual assistance in international events and market research missions, apart from ensuring free exchange of information.
Tuskon is considered to be one of the biggest business confederations in the world. It is an umbrella organization for seven regional federations, 162 business associations and more than 32,000 business members in Turkey. It has a net worth of $750 billion in conglomerate investments.
The Philippine delegation, led by Casanova and Quezon City Mayor Herbert Bautista, joined representatives of 150 countries in Ýstanbul for the annual “Turkey-World Trade Bridge” summit, which sought to develop ties between Turkish and foreign firms.
This investment promotion for the Philippines came on the heels of Casanova’s recent election as chairman of the Philippine Investment Promotion Plan (PIPP) steering committee.
In the next five years, Turkey is expected to become the 15th-largest economy in the world. It currently has the sixth-largest economy among the 27 European Union countries. The country has been exploring partnerships with several countries, including the Philippines, to expand trade relations and reduce its dependence on traditional trading partners.
Early this year, Turkish businessmen have expressed great interest in investing in the Philippines, particularly in construction, healthcare, education, food and medicine.
Also, the Philippines late last year exported $116 million worth of products to Turkey, while it received $100 million in goods from that country.