PH, Turkey sign investment promotion, agriculture pacts

ANKARA – Department of Trade and Industry (DTI) Secretary Ramon Lopez led a delegation to Turkey to convene the first Philippine (PH)-Turkey Joint Committee on Economic and Technical Cooperation (JCETC) as well as the signing of Summary of Discussions covering trade, investment promotions, and economic cooperation on 5-6 February 2018.

“The Philippines is committed to pursue several growth opportunities by strengthening partnerships with emerging economic partners like Turkey,” said Sec. Lopez.

The PH trade chief and his JCETC counterpart, Turkey’s National Defense Minister Nurettin Canikli, who is the Minister desigMANILA

nated to represent their government in this meeting, discussed various areas of trade and investment cooperation on micro, small and medium enterprises (MSMEs); manufacturing such as textiles and garments, pharmaceuticals, agri-processing for mango, coconut, banana; hotels and tourism; infrastructure; air services; customs; energy; science and technology; education; standardization; film and creatives; defense; contracting and consultancy services.

They offer to buy products PH can export to Turkey and shall venture with Filipino partners to manufacture the needed products, such as in textiles and pharmaceuticals. They also offer to provide interest-free financial assistance for any project critical to the country’s development as well as security cooperation.

The meeting also involved dialogues on the ongoing government efforts in rebuilding Marawi and how Turkey, as a pre-dominantly Muslim country, can assist PH on its programs and projects. It included discussions on how Islamic financing can be utilized for those MSMEs affected by the siege. They will study the industries that can be put up in Mindanao and can generate more jobs for the people in Marawi.

Both officials also witnessed the signing of a Memorandum of Understanding (MOU) on Investment Promotion by PH Board of Investments (BOI) Managing Head Undersecretary Ceferino Rodolfo and the Republic of Turkey Prime Ministry Investment Support and Promotion Agency (ISPAT) President Arda Ermut.

The MOU covered the intention of both parties to exchange best practices as well as information on investment environment and opportunities. Likewise, it encourages local companies to set up and expand their businesses in the partner country.

In 2016, Turkey was PH’s 45th trading partner, 45th export market, and 43th import supplier. In 2017 (covering January-November), total trade between two countries hit a significant increase with USD 163 million. “Engaging with Turkey is in line with the thrust of President Rodrigo Duterte’s administration to engage with non-traditional trading partners to reinvigorate ties and increase trade between both countries,” said Sec. Lopez.

The trade chief cited current PH exports to Turkey are still confined mostly to desiccated coconut, personal care products, electronics, and tires. These areas are expected to expand with the renewal of economic ties between the two governments and the direct networking among the private sector business delegates. Several business complementations were identified such as in textiles, tourism, pharmaceutical, and infrastructure development.

“During our discussions, we noticed that there are opportunities for our Philippine exporters—whether manufactured goods or services—to further tap the Turkish market,” he added. The Turkish market comprises more than 80 million people, with per capita income twice of PH’s, and an 11.1% GDP growth posted during the 3rd quarter of 2017.

Meanwhile, an MOU on the enhancement of cooperation in agriculture—plant production and protection; animal farming, health, and breeding; fisheries and aquaculture; food industry; research; rural development; irrigation and extension service; as well as promotion of joint ventures between private sectors—was signed by PH Ambassador to Turkey Maria Rowena Sanchez and Minister Nurettin Canikli.