Turkey commits to boost trade, investments in Phl
Turkey has committed to pour in more capital into the Philippines and buy more local products, a development that will double trade and investments between the two countries over the short term, Trade Secretary Ramon Lopez said.
Lopez recently led a trade and investment mission in Turkey where the first Joint Committee on Economic and Trade Cooperation between the Philippines and Turkey was held.
“We target to double our trade and investment in two to three years,” the trade chief said.
“Philippines-Turkey trade and investment relation is highly undertapped perhaps due to unfamiliarity and limited interaction between the respective business sectors. There a lot of opportunities cited due to similarities in the strategy of the two government to widen and diversify trade and investment partners,” Lopez added.
He said the traditional partners of Turkey are neighboring countries Libya, Iraq, Syria and Russia but current issues in these countries have affected their businesses, prompting Turkey to look at Asia and the Association of Southeast Asian Nations for new partnerships.
In 2016, Turkey was the country’s 45th trading partner, 45th export market and 43rd import supplier. The country is also a minimal source of foreign investments in the Philippines, according to the Department of Trade and Industry.
Lopez, however, said there are a lot of areas for industry complementation between the two countries.
The Philippines, he said, is strong on agriculture-based products, design oriented garments, electronics, information technology-business process outsourcing, auto and aerospace parts, infrastructure development and tourism development.
Turkey, on the other hand, is good and competitive in textiles, energy and power development, shipbuilding, low cost housing, construction, defense equipment, Islamic financing, halal manufacturing and hotels and related services.
“The President of the Turkish-Philippines business chamber Ilkem Sahin is bullish on exploring all these opportunities in the Philippines, committing to invest and buy more our products. He has direct mandate from Turkey President Erdogan, being his friend, to strengthen business ties with the Philippines,” Lopez said.
According to Lopez, Sahin is set to lead a business mission to the Philippines on March 19 to 22 in which Turkey firms will explore opportunities for shipbuilding, Ro-Ro, agri-processing, textiles manufacturing, pharmaceuticals, power, low cost housing, pre-fabricated construction materials, education, film production, and two-way tourism packages.